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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:

1. •

   ‘either a physical or electronic instrument

2. •

   that carries an entitlement to be accepted as consideration for the provision of goods or services

3. •

   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

4. •

   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