FINANCE BILL 2002: EXPLANATORY NOTE
CLAUSE 36: EXEMPTION OF MINOR BENEFITS: APPLICATION TO NON-CASH VOUCHERS
SUMMARY
1. This clause provides that whenever a minor benefit is exempted in regulations (made under the power in section 155ZB) from tax under section 154 (general benefits in kind charging provision) there is also no tax due under section 141 (non-cash vouchers) if an employee uses any kind of voucher to show their entitlement to receive the benefit.
DETAILS OF THE CLAUSE
2. Subsection (1) adds a new subsection (3) to section 155ZB. It provides that whenever a minor benefit is exempted in regulations (made under the power in section 155ZB) from tax under section 154 (general benefits in kind charging provision) there is also no tax due under section 141 (non-cash vouchers) if an employee uses any kind of voucher to show their entitlement to receive the benefit.
3. Subsection (2) states that this provision has effect for tax year 2002/03 and all subsequent years.