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Hi Can you explain the solution for this question.
Jo is provided with non-job related accommodation by her employer, which the employer purchased 35 years ago at a cost of £72,000. The property has an annual value of £2,600, and had a market value of £245,000 when first made available to Jo 8 years ago. Jo pays £250 per month to her employer to live in the property. What is the assessable benefit for Jo in 2014/15?
A £Nil
B £5,125
C £5,222
D £2,600Where is your answer and the problem you presumably have with the suggested answer? I suspect from the information above you may have calculated the “expensive” accommodation benefit but you do not do this as the property originally cost less than £75,000!
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