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4. In Schedule 2 after paragraph 7 insert—
8.—(1) The issue of face-value vouchers for consideration.
(2) Paragraph 1 does not apply where—
(a)the issuer expects, on reasonable grounds, that at least 75% of the face-value of the vouchers will be redeemed within three years of the date on which the vouchers were issued; and
(b)the vouchers were issued to relevant persons.
(3) A relevant person is
(a)any person who is not connected with the issuer; or
(b)any body corporate—
(i)which is a member of the same VAT group as the issuer for the purposes of section 43 of the Act; and
(ii)which does not intend to supply the vouchers, directly or indirectly, to any person connected with the issuer outside that VAT group.
(4) “Face-value vouchers” means tokens, stamps or vouchers of a description falling within paragraph 1(1) of Schedule 10A(1) to the Act (face-value vouchers) and “face-value” has the meaning given by paragraph 1(2) of that Schedule.”
Schedule 10A was inserted by paragraph 2 of Schedule 1 to the Finance Act 2003 (c. 14).
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