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peachy11.
peachy11.-
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peachy11
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Hello Sir,
Can you please tell me which cost we look at in order to determine whether there will be an expensive accommodation benefit or not, do we look at the purchase price of property or market value when first provided?
What if the purchase price is $60000 and the market value is $80000, then will there be any expensive accommodation benefit?
Also, if the property is rented, will there be any expensive accommodation benefit?
harleyquinn
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Benefit will arise when the cost of accommodation exceeds 75,000 pounds.
The market value is used.
Correct me if im wrong. Haha
Tax Tutor
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The expensive accommodation benefit will ONLY arise if the property COST more than 75,000 – hence in your question no such benefit
If this benefit is to be computed it is then a separate question as whether we use the cost figure or the OMV when the employee first occupied the property to compute the amount of that benefitpeachy11
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Thanks
peachy11
harleyquinn
Tax Tutor
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