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When an employee is gifted an asset, do we have to add both the benefit assesseble in respect of the gift and also the use of asset for any time period used at 20% to the employement income?
Yes if the asset being used privately by the employee is gifted during the tax year rather than at at April 6th then you must compute a time apportioned annual benefit to the date of the gift and compute the tax wdv at that date before computing the separate benefit for the gift
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