# The Social Security (Contributions) Regulations 2001, Paragraph 14: Valuation of non-cash vouchers

Extent: E+W+S+N.I.

(1) The amount of earnings comprised in any payment by way of a non-cash voucher which is not otherwise disregarded by these Regulations and which falls to be taken into account in calculating an employed earner’s earnings shall be calculated on the basis set out in sub-paragraph (2).
(1A) This paragraph is subject to paragraph 14A (valuation of non-cash vouchers provided under optional remuneration arrangements).
(2) The basis referred to in sub-paragraph (1) is that of an amount equal to the expense incurred (“the chargeable expense”)—
(a) by the person at whose cost the voucher and the money, goods or services, for which it is capable or being exchanged, are provided;
(b) in, or in connection with that provision,
and any money, goods or services obtained by the employed earner or any other person in exchange for the voucher shall be disregarded.
This is subject to the following qualifications.
(3) For the purposes of sub-paragraph (2) the chargeable expense shall be reduced by any part of that which the employed earner makes good to the person incurring it.
(4) The valuation of qualifying childcare vouchers is determined in accordance with paragraph 7 of Part 5 of Schedule 3.

---
Source: https://www.legislation.gov.uk/uksi/2001/1004/schedule/2/paragraph/14 (the official version)
Page: https://openlegislation.uk/social-security-contributions-regulations-2001/schedule-2/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.