| Commentary

(i) Vouchers

| Commentary

(i)     Vouchers

The employee is charged to tax on the cash equivalent of the benefit of vouchers. The cash equivalent of the benefit of a cash voucher, is (not very surprisingly) the amount of cash for which the voucher is capable of being exchanged (ITEPA 2003 s 81). The cash equivalent of the benefit of a non-cash voucher is the cost (to the person providing it) of the provision of the voucher, less the amount made good by the employee (ITEPA 2003 s 87). The rules extend to childcare vouchers (with an

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