Regulation 2 Amendment of regulation 1 of the principal Regulations

In regulation 1(2) of the principal Regulations (citation, commencement and interpretation) after the definition of “standard rate” there shall be inserted the following definition —

• ““trading arrangements” in relation to any asset (including a voucher) shall be construed in accordance with section 203K(2)(a) and (3) of the Income and Corporation Taxes Act 1988^f1;”.