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HMRC internal manual

VAT Valuation Manual

Non-monetary consideration: part exchange: the value of a supply where payment has been made in full or in part by face value vouchers

Legislative changes were made to change the treatment of supplies of single purpose face value vouchers following the CJEU case of Lebara (C-520/10). The change means that single purpose face value will be taxed when they are issued. This affects all single purpose vouchers, whether credit, retailer or other types of voucher.

Further guidance will be issued in due course.