Finance Act 1994

89 Vouchers and credit-tokens

(1) Section 141 of the Taxes Act 1988 (non-cash vouchers) shall be amended as follows.

(2) In subsection (1)—

(a) in paragraph (a), for the words from “the expense incurred” to “exchanged;” there shall be substituted “the expense incurred (“the chargeable expense”)—

(i) by the person at whose cost the voucher and the money, goods or services for which it is capable of being exchanged are provided,

(ii) in or in connection with that provision;”and

(b) the words following paragraph (b) shall be omitted.

(3) In subsection (6B), in paragraph (a) for the words “the person providing the non-cash voucher” there shall be substituted “the person at whose cost the voucher and the entertainment are provided”.

(4) Section 142 of the Taxes Act 1988 (credit-tokens) shall be amended as follows.

(5) In subsection (1)(a), for the words from “the expense incurred” to “obtained;” there shall be substituted “the expense incurred—

(i) by the person at whose cost the money, goods or services are provided,

(ii) in or in connection with that provision;”.

(6) In subsection (3) for the words “providing the credit-token as mentioned in subsection (1)(a) above” there shall be substituted “mentioned in subsection (1)(a)(i) above”.

(7) In subsection (3B), in paragraph (a) for the words “providing the credit-token” there shall be substituted “mentioned in subsection (1)(a)(i) above”.

(8) Section 143 of the Taxes Act 1988 (cash vouchers) shall be amended as follows.

(9) In subsection (1) for the words from “(and in particular section 203)” to “paid by his employer” there shall be substituted “—

(a) he shall be treated as having received”.

(10) In subsection (3) for the words “in providing the voucher by the person who provides it” there shall be substituted “by the person at whose cost the voucher is provided”.

(11) In subsection (4)—

(a) in paragraph (a) for the words “in providing the voucher by the person who provides it” there shall be substituted “by the person at whose cost the voucher, stamp or similar document is provided”; and

(b) in the words following paragraph (b) for the words from “the expense incurred” to the end there shall be substituted “the expense incurred by the person mentioned in paragraph (a) above shall be treated as reduced by the difference or part of the difference mentioned in paragraph (b) above.”

(12) Section 144 of the Taxes Act 1988 (supplementary provisions relating to sections 141 to 143) shall be amended as follows.

(13) In subsection (1)—

(a) for the words “or credit-tokens” there shall be substituted “, credit-tokens or cash vouchers”; and

(b) for the words “141 or 142” there shall be substituted “141, 142 or 143”.

(14) In subsection (3)—

(a) for the words “141 and 142” there shall be substituted “141, 142 and 143”; and

(b) for the words “by him of non-cash” there shall be substituted “of”.