Section 1 | Taxable Benefits: Time Limit For Making Good | Finance No 2 Act 2017 C32

1 Taxable benefits: time limit for making good

Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 1 Direct Taxes

Income tax: employment and pensions

1 Taxable benefits: time limit for making good

(1) Part 3 of ITEPA 2003 (employment income: earnings and benefits etc treated as earnings) is amended as follows.

(2) In section 87 (cash equivalent of benefit of non-cash voucher)—

(a) in subsection (2)(b), for “to the person incurring it” substitute “, to the person incurring it, on or before 6 July following the relevant tax year”, and

(b) after subsection (2) insert—

“(2A) If the voucher is a non-cash voucher other than a cheque voucher, the relevant tax year is—

(a) the tax year in which the cost of provision is incurred, or

(b) if later, the tax year in which the employee receives the voucher.

(2B) If the voucher is a cheque voucher, the relevant tax year is the tax year in which the voucher is handed over in exchange for money, goods or services.”

(3) In section 88(3) (time at which cheque voucher treated as handed over), at the beginning insert “For the purposes of subsection (2) and sections 87(2B) and 87A(6),”.

(4) In section 94(2) (cash equivalent of