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E4.604 Cash vouchers

A cash voucher is defined as any voucher or stamp capable of being exchanged, either immediately or after a time, for a sum of money greater than, equal to or not substantially less than the expense of providing it, whether or not it is also capable of being exchanged for goods or services¹; it does not include a document intended to enable a person to obtain a sum which if paid direct would not have constituted employment income², or a savings certificate in respect of which the accumulated interest is free from tax³. In practice, such vouchers are generally provided as part of a holiday pay scheme. Vouchers and credit tokens in general are dealt with in EIM16000–EIM16220 and, where provided under optional remuneration arrangements (salary sacrifice), EIM44040. As regards the treatment of savings certificates provided by an employer, see E4.463.

Where a cash voucher is provided