Value Added Tax Act 1994 Schedule 10A para 1

Meaning of "face-value voucher" etc.

Schedule 10A paragraph 1 defines what a "face-value voucher" is and what is meant by its "face value" for the purposes of the Schedule.

• A face-value voucher is a token, stamp or voucher — physical or electronic — that represents a right to receive goods or services up to a stated or recorded monetary amount.
• The "face value" of such a voucher is simply the monetary amount stated on it or recorded in it.
• The definition covers all formats, so it applies equally to a paper gift card and to a digital voucher code.
• These definitions underpin the rest of Schedule 10A and determine how VAT applies when face-value vouchers are issued, sold or redeemed.