Finance Act 2006
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Change 1
63 Power to exempt use of vouchers or tokens to obtain exempt benefits
In Chapter 4 of Part 3 of ITEPA 2003 (taxable benefits: vouchers and credit-tokens), after section 96 insert— Power to exempt use of non-cash vouchers or credit-tokens to obtain exempt benefits 96A (1) The Treasury may by regulations provide for exemption from any liability that would otherwise arise by virtue of this Chapter in respect of— (a) non-cash vouchers which are or can be used to obtain specified exempt benefits, or which evidence an employee's entitlement to specified exempt benefits; (b) credit-tokens which are used to obtain specified exempt benefits. (2) In this section— “exempt benefit” means a benefit the direct provision of which is exempted from liability to income tax by a provision of Part 4 (employment income: exemptions), and “specified” means specified in the regulations. (3) Regulations under this section may operate by amending section 266 (exemption of non-cash vouchers for exempt benefits) or section 267 (exemption of credit-tokens used for exempt benefits).
63 Power to exempt use of vouchers or tokens to obtain exempt benefits
In Chapter 4 of Part 3 of ITEPA 2003 (taxable benefits: vouchers and credit-tokens), after section 96 insert— Power to exempt use of non-cash vouchers or credit-tokens to obtain exempt benefits 96A (1) The Treasury may by regulations provide for exemption from any liability that would otherwise arise by virtue of this Chapter in respect of— (a) non-cash vouchers which are or can be used to obtain specified exempt benefits, or which evidence an employee's entitlement to specified exempt benefits; (b) credit-tokens which are used to obtain specified exempt benefits. (2) In this section— “exempt benefit” means a benefit the direct provision of which is exempted from liability to income tax by a provision of Part 4 (employment income: exemptions), and “specified” means specified in the regulations. (3) Regulations under this section may operate by amending section 266 (exemption of non-cash vouchers for exempt benefits) or section 267 (exemption of credit-tokens used for exempt benefits).
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