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Employment income-benefit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Employment income-benefit

  • This topic has 4 replies, 2 voices, and was last updated 7 years ago by yushanshan.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 14, 2015 at 8:47 am #282277
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    The context is “plc provided Joe with a home entertainment system for his personal use costing £4400 on 6 April 2014./ The company gave the home entertainment system to Joe for free, when he left the company on 31December 2014, although its market value at that time was £3860.”
    The result for ” home entertainment system-acquisition” is £3860, but I just wonder the reason. In my view, it means gift of employer’s asset, so MV first provided less benefit charged before is the correct formula we should use for calculation.

    November 20, 2015 at 5:41 am #284078
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Look at OT notes chapter 9, page 62, section (d) Gifts of assets and related example – we take the higher of the OMV of the asset or its tax WDV – less any price paid.

    November 20, 2015 at 6:40 am #284088
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    Sorry I prepare the exam not by the book you referred to. I misunderstood that £4400 is MV first provided, but now I learn that it is an irrelevant cobdition on the question ?gift?,am I right?

    November 20, 2015 at 6:53 am #284091
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    Sorry I prepare the exam not by the book you referred to. I misunderstood that £4400 is MV first provided, but now I learn that it is an irrelevant cobdition on the question(gift) ,am I right?

    November 20, 2015 at 7:07 am #284093
    yushanshan
    Member
    • Topics: 84
    • Replies: 70
    • ☆☆

    Thank you, I got £4400 is really MV first provided. 🙂

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