Hello Tutor,
In your demonstration of the solution to this example:
"Gerald’s employer purchased a TV for his use on 1 June 2015, costing £900. On 6 April 2016 Gerald was given the TV by his employer (its
market value then being £250).
Calculate the benefit assessable on Gerald in respect of the gift, on the basis of:
(a) if Gerald made no payment for the TV"
you stated that the market value of the asset at the date it was gifted to Gerald was £900, but in the example it is stated as £250. Please clarify, I'm confused.
Thanks.
Ask the Tutor ACCA TX-UK
Chapter 9: Example 3
Sorry I have not had time to check the lecture but clearly the OMV at the date of the gift should be £250 not £900 (that was the cost), so my apologies if on the lecture i stated the wrong figure.
Sign into reply to this topic.