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Income Tax (Earnings and Pensions) Act 2003
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362Deductions where non-cash voucher provided
This section has no associated Explanatory Notes
(1)A deduction from earnings is allowed if—
(a)the earnings include an amount treated as earnings under section 87(1) (cash equivalent of benefit of non-cash voucher treated as earnings),
(b)the voucher is exchanged for goods or services (whether in the tax year or a later year), and
(c)had the employee incurred and paid the cost of the goods or services in the tax year, the whole or part of the amount paid would have been deductible from the earnings under Chapter 2 or 5 of this Part.
(2)The deduction is equal to the lesser of—
(a)the amount treated as earnings, and
(b)the amount that would have been so deductible.
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