94(1) On each occasion on which a credit-token to which this Chapter applies is used by the employee in a tax year to obtain money, goods or services, the cash equivalent of the benefit of the token is to be treated as earnings from the employment for that year.
94(2) The cash equivalent is the difference between–
(a)the cost of provision, and
(b)any part of that cost made good by the employee–
(i)to the person incurring it, and
(ii)on or before 6 July following the tax year which contains the occasion in question.