Explanatory Notes

Income Tax (Earnings and Pensions) Act 2003

2003 CHAPTER 1

6th March 2003

Commentary on Sections

Example 3

£150(Pe) – £50(E) = £100

Section 92: Meaning of “credit-token”

343. This section defines “credit-token” for the purposes of this Chapter.

344. Subsection (1) provides the definition. It derives from section 142(4) of ICTA.

345. Subsections (2) and (3) amplify the definition for particular circumstances.

346. Subsection (4) excludes cash and non-cash vouchers from the definition.