Valuation of benefits

Vouchers provided to employees

A voucher is a token that can be exchanged for goods or services. The market value of a voucher is the amount of money, or the value of goods, you receive when you use it.

As an employer you might provide your employees with vouchers for certain goods, including meal vouchers. These are taxable benefits.

The face value of a voucher is generally the value of the benefit. If face value is only slightly lower than its cost, we will accept the cost as the value of the benefit.

Note

The value of the benefit of a meal voucher is the face value minus 19c.

The value of the benefit cannot be less than your cost in providing it.

You must add the value of the benefit, as notional pay, to your employee’s pay to deduct:

The Small Benefit Exemption may apply if you:

  • provide no more that two vouchers in the year
  • and
  • the combined value of both does not exceed €1,000.

Next: Small Benefit Exemption