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Taxable Benefits Query

Forums › ACCA Forums › ACCA TX Taxation Forums › Taxable Benefits Query

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by CYNTHIA.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 21, 2019 at 1:37 pm #528345
    xanpech
    Member
    • Topics: 14
    • Replies: 52
    • ☆☆

    Hello,

    I am slightly confused as to why some taxable benefits are taxed at 20 percent such as use of a computer, but other benefits such as use of accommodation are taxed at 2.5 percent?

    Thanks,
    Alex

    August 23, 2019 at 1:48 pm #528522
    CYNTHIA
    Member
    • Topics: 10
    • Replies: 20
    • ☆

    @xanpech Acca taxation is a rule based exam. Just stick with the rules instead of asking why do you don’t get confused.

    Use of asset is 20%
    Living accommodation if furnished the additional tax benefit is 20% on the furnishing cost.
    Beneficial loan are usually at the rate of 2.5% per annum
    The taxable benefit on the cost of running Job related living accommodation if paid by the employer is 10% on other employment income (heating water and other running expenses are not included in the calculation)
    COUNCIL TAX is exempt for job related accommodation but are taxable in employee living accommodation that are not job related.
    I hope I have helped a bit.

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