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Hello,
Below is the question and I wonder why solution is as follows: 50*25=1250, so no taxable benefit. I understand 50 which is award per each year. But how 25 is calculated? (years between 1989 and 2016 is 27 so it is not it)
Question:
A long service award in December 2016 to Demelza, the company secretary, comprising a gold wrist watch costing £1,000. Demelza has been employed by the company since December 1989I think you’re right, there’s a mistake in calculating 25 instead of 27.
The answer would still be same if use 27 years. The benefit would still be exempt.
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