Part 3

Employment income: earnings and benefits etc. treated as earnings
Chapter 4

Taxable benefits: vouchers and credit-tokens

Cash vouchers: exceptions

Vouchers where payment of sums exempt from tax
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This Chapter does not apply to a cash voucher if it is—
a
a document intended to enable a person to obtain payment of a sum which would not have constituted employment income if paid to the person directly, or
b
a savings certificate where the accumulated interest payable in respect of it is exempt from tax (or would be so exempt if certain conditions were met).