Revenue news

On your bike!

A simplification of the benefits in kind rules on employer-provided computers and bicycles has been announced by the Revenue. It clarifies the position when an employee buys a computer or bicycle that has previously been loaned to them by their employer.
From 6 April there will be a single basis of valuation i.e. the market value will always apply. So when an employee buys a previously loaned computer or bicycle for its full current market value no tax charge will arise on the transfer of ownership.
Computers and bicycles loaned to employees by their employer are exempt from the tax charge that arises on the benefit in kind. The exemption applies to the benefit in kind that arises when an employee has the use of a computer or bicycle. For computers the exemption applies to the first £500 of annual benefit. For...