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Expensive Accommodation Benefit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Expensive Accommodation Benefit

  • This topic has 3 replies, 3 voices, and was last updated 7 years ago by peachy11.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 11, 2017 at 9:50 pm #415302
    peachy11
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    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?

    November 15, 2017 at 5:32 pm #416006
    harleyquinn
    Member
    • Topics: 2
    • Replies: 4
    • ☆

    Benefit will arise when the cost of accommodation exceeds 75,000 pounds.

    The market value is used.

    Correct me if im wrong. Haha

    November 19, 2017 at 1:34 am #416533
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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 benefit

    November 25, 2017 at 9:43 pm #417997
    peachy11
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    Thanks

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