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March/June 2019 ATX UK Dent Ltd Q3 – Annual Value

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › March/June 2019 ATX UK Dent Ltd Q3 – Annual Value

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by kinyuwong.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • August 27, 2021 at 6:51 am #633096
    kinyuwong
    Member
    • Topics: 8
    • Replies: 5
    • ☆

    Hi tutor

    Regarding the taxable benefit of living accommodation, is time apportion needed?

    As I read from the past paper below, it seem is only time apportion the rent paid by employer, but not the annual value. This is in contrast to what I read from the ACCA technical paper, which does time apportion the annual value. Thanks.

    Regards,
    Kelvin

    ACCA technical paper

    https://www.accaglobal.com/in/en/student/exam-support-resources/fundamentals-exams-study-resources/f6/technical-articles/benefits-2020.html

    As per the past paper,

    Alina – provision of temporary living accommodation:
    – Dent Ltd will rent a flat for Alina’s use from 1 July 2019 to 31 December 2019.
    – Dent Ltd will pay the rental cost of £660 per month.
    – The market value of the flat is currently £225,000, and its annual value is £2,800.

    Accommodation benefit: Higher of
    (i) annual value = £2,800
    (ii) rent paid by Dent Ltd = £3,960 (£660 x 6)

    August 30, 2021 at 1:01 pm #633515
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The annual value should of course be time apportioned but it may just be a badly worded question and they meant to give you the annual value for the 6 month period rather than the figure for the whole tax year – as long as you showed your calculations you would be marked correct here

    August 31, 2021 at 9:10 am #633621
    kinyuwong
    Member
    • Topics: 8
    • Replies: 5
    • ☆

    Thanks tutor!

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    Posts
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