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Income Tax (Earnings and Pensions) Act 2003

Section 87: Benefit of non-cash voucher treated as earnings

328.The section provides the means of charging the benefit of the voucher to income tax. It derives from section 141 of ICTA.

329.Subsection (1) treats the cash equivalent of that benefit as earnings from the employment. Amounts treated as earnings under this Chapter are employment income charged under Part 2 of this Act. They are earnings for the tax year in which the voucher is received – see Note 7 in Annex 2. For the purposes of Chapters 4 and 5 of Part 2 they are treated as received in the tax year mentioned in section 88 of this Act - see sections 19(3) and 32(3) of this Act.

330.Subsection (2) defines “cash equivalent” as the net cost of provision after deducting the amount made good by the employee.

331.Subsections (3) and (4) define “cost of provision”.

332.Subsection (5) provides an apportionment rule.

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