NIM02467 explains the general rule for calculating the amount of
a non-cash voucher to be included in an employee's earnings. That
rule is modified for a meal voucher which can be exchanged only for
a meal costing more than 15 pence.
The chargeable expense is reduced by the amount by which it
exceeds the face value of the voucher.
A meal voucher has a face value of £2.00. The cost to the
employer of providing the voucher is £2.25. The employee does
not make good any part of the cost.
The amount of earnings is £2.25 less £0.25 (the
amount by which the chargeable expense exceeds the face value of
the voucher) = £2.00.
