Business promotion schemes ― vouchers

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note deals with the VAT treatment of vouchers that have been issued on or after 1 January 2019.

For information on other business promotion schemes, see the Business promotion schemes ― overview guidance note.

For more detailed commentary, see De Voil Indirect Tax Service V3.167.

What is a voucher?

According to HMRC, vouchers will be defined as an instrument, regardless of whether it is in a physical or electronic form, that meets all of the following conditions:

•
‘either a physical or electronic instrument
•
that carries an entitlement to be accepted as consideration for the provision of goods or services
•
where either or both of the goods or services for which it may be accepted, and the persons under an obligation to accept it as consideration for those goods or services, are limited and are stated on or in it
•
which is transferable by gift’

The term ‘limited’ means that an instrument is only applicable to either specified products or specified suppliers, as opposed to money

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Class 1 v Class 1A

Class 1 v Class 1AClass 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met

Personal Tax

Foreign self-employment

Foreign self-employmentTrading in another jurisdiction involves many issues, only some of which involve taxation. Advice should be taken, not only in relation to tax but on the wider business implications. For an overview of the points to consider for certain jurisdictions see Tolley's Global

14 Jul 2020 11:44 | Produced by Tolley Read more

Trusts and Inheritance Tax

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

14 Jul 2020 15:34 | Produced by Tolley Read more

UU��ֱ��