Income Tax (Earnings and Pensions) Act 2003 section Schedule 7 paragraphs 18–20

Taxable benefits: vouchers and credit-tokens

Schedule 7 paragraphs 18 to 20 previously dealt with how vouchers and credit-tokens provided under an employer-financed retirement benefits scheme were to be treated as taxable benefits, but these provisions have been repealed.

• Paragraphs 18 to 20 of Schedule 7 originally set out the tax treatment of vouchers and credit-tokens provided through employer-financed retirement benefits schemes.
• These provisions have been fully repealed and are no longer in force.
• The repeal was effected in stages by Finance Act 2012 (Schedule 39, paragraph 50(2)(b)) and Finance Act 2015 (section 12(4)(b)).
• Any vouchers or credit-tokens provided under such arrangements will now fall to be taxed under other applicable provisions of the tax code rather than under these former paragraphs.