Income Tax (Earnings and Pensions) Act 2003 section 92

Meaning of "credit-token"

Section 92 defines what counts as a "credit-token" for the purposes of the tax rules on benefits provided to employees through credit-tokens.

• A credit-token is any card, token, document or other object where the provider undertakes to supply money, goods or services on credit when it is presented, or to pay a third party who supplies them
• An item still qualifies as a credit-token even if additional steps beyond presentation are needed to obtain the supply, or if the provider takes a discount or commission when paying the third party
• Using a token to operate a machine is treated as presenting it to whoever provided the machine, whether that is the token provider or a third party
• Cash vouchers and non-cash vouchers are specifically excluded from the definition of credit-token, as these are dealt with under separate rules