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question on property income

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › question on property income

  • This topic has 4 replies, 2 voices, and was last updated 8 years ago by Tax Tutor.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • February 13, 2017 at 4:55 pm #372274
    Jean96
    Member
    • Topics: 77
    • Replies: 67
    • ☆☆

    Jo is provided with accommodation by her employer, which the employer purchased 35 years ago at a cost of £72000. the property has an annual value of £2600, and had a market value of £245000 when first made available to Jo 8 years ago.Jo pays £250 per month to her employer to live in the property
    The accomodation does not qualify as job related

    what is the assessable benefit for Jo in the tax year 2015/16

    why does it not include the additional benefit of expensive accomadation
    he didnt use the market value of house and instead uses the cost

    and his only benefit is zero £250*12-£2600

    February 15, 2017 at 12:06 am #372433
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    No additional expensive accommodation benefit as the property cost less than £75,000

    February 15, 2017 at 7:25 pm #372590
    Jean96
    Member
    • Topics: 77
    • Replies: 67
    • ☆☆

    but it is more than 6 years since it was first made available so it must use the market value and not cost of property?

    February 15, 2017 at 7:25 pm #372591
    Jean96
    Member
    • Topics: 77
    • Replies: 67
    • ☆☆

    so it is an expensive house?

    February 16, 2017 at 12:56 am #372626
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    No – if the cost is less than £75,000 then it does not matter how long the company has owned it nor what was its market value when the employee moved in – the 6 year rule is irrelevant in these circumstances

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