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Living Accommodation - Taxable Benefit (Rented Accommodation (Higher of:…
Living Accommodation - Taxable Benefit
Job Related Accommodation
Conditions
Better performance of employee's duties
Security - under special threat
Necessary for the performance of their job
Tax Free Benefit
ITEPA 2003 ss.99-100
Rented Accommodation
Higher of:
Rents paid by employer
Annual Value
If premium paid:
lease premium/length of lease + actual rent paid
Time apportion by month if necessary
ITEPA 2003 s.105 and s.110
Owned Accommodation
If original cost was under £75000, annual value only used
If above £75000, deduct £75000 from original cost and multiply by 3% (ORI) to get additional yearly rent
Household expenses i.e. cleaners, reimbursed by employer is a separate benefit
ITEPA 2003 ss.104-106
Six Year Rule
If less than six year, use the cost at acquisition
If more than six year from acquisition date employee moves in, additional yearly rent is based on MV
ITEPA 2003 s.107