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AN UNPLEASANT SURPRISE in this year's Budget was the removal of tax and NICs relief on home computing equipment. The provision of computers for employees' personal use will now be taxed under the 'use of assets' legislation although there are some transitional reliefs. Computers used partly for business and partly for private purposes will also be affected and this is perhaps the main area of concern.
Use of assets
The rules for the taxation of assets supplied to an employee for his or her personal use 'without any transfer of the property in the asset' are set out at ITEPA 2003 Part 3 Chapter 10. This legislation is well known and has been in place for many years.
The employee is regarded as receiving a taxable benefit valued at the higher of:
- the annual value of the use of the asset calculated at...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
