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Hi can someone please help me with the below:
Mr Quinton was provided with a company flat in Birmingham IN Jan 14. The rateable value of the flat is £125k but was valued at £150 in Jan 14. Mr Quinton paid rent of £500pa.
What is the taxable benefit for 20q4/15 assuming:
A) his employer purchased the property in 2012 or
B) his employer purchased the property in 2006.The answer to A uses £125k-£75k x 3.25% and answer to B uses £150k-£75k x 3.25%
Not sure why they are different?!
Amy help greatly appreciated.
ThanksJust a couple of points to begin with – this is not a question about job related accommodation and it is not the rateable value that is 125K but it must be the cost!
For the expensive accommodation benefit you need to look at the OT course notes page 61, section 7.1 specifically notes (iii) and (iv).
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