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 93: Credit-token made available to public generally

347.This section excepts a credit-token from the application of this Chapter where the credit-token is made available to the public generally and the employee (or family member) does not get it on preferential terms.

348.This exception is a minor change to the law. See Change 18 in Annex 1.