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PENNY BATES returns to first principles with an explanation of the tax charges relating to accommodation and related assets provided by an employer
KEY POINTS
- The basic charging provision and main exemptions.
- Calculating the cost of providing accommodation.
- The benefit charge and the £75 000 threshold.
- Accommodation expenses and other household assets.
- Planning points and removal expenses.
The key when buying a property is said to be ‘location location location’; but ‘taxation taxation taxation’ is what is levied against many employees provided with living accommodation by their employer.
The specific wording of ITEPA 2003 s 102(1) – ‘benefit of living accommodation treated as earnings’ – sets out the basic tax charge.
‘(1) If living accommodation to which this Chapter applies is provided in any period:
(a) which consists of the whole or part of a tax year; and
(b) throughout...
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