§ Mr. ClellandTo ask the Chancellor of the Exchequer what is the amount of revenue which the Treasury accrued in the financial year 1994–95 from the taxation of staff perquisites in relation to bus and rail season tickets. [23711]
§ Mr. JackEmployees are generally liable to income tax on vouchers provided for free or cheap travel. Where the employee takes a cheap or interest-free loan from the employer to purchase a season ticket, no tax is chargeable if the total balance outstanding does not exceed £5,000 at any time in the year of assessment in question.
Estimates of the revenue raised from the taxation of these vouchers and loans are not available.