{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-370A",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-370A.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/370A",
  "kind": "section",
  "number": "370A",
  "heading": "Valuation of interest not paid in cash",
  "text": "(1) This section applies to the payment of an amount of interest in the form of—\n(a) goods or services, or\n(b) a voucher.\n(2) Where this section applies by virtue of subsection (1)(a), the amount of the payment is to be taken to be equal to the market value, at the time the payment is made, of the goods or services.\n(3) Where this section applies by virtue of subsection (1)(b), the amount of the payment is to be taken to be equal to whichever is the higher of—\n(a) the face value of the voucher,\n(b) the amount of money for which the voucher is capable of being exchanged, or\n(c) the market value, at the time the payment is made, of any goods or services for which the voucher is capable of being exchanged.\n(4) In this section references to a voucher are to a voucher, stamp or similar document or token which is capable of being exchanged for money, goods or services.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 370A inserted (with effect in accordance with Sch. 11 para. 12(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 11 para. 6"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/370A",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}