If an asset has been made available to the employee or a member of the employee's family or household for private use without transfer of the property in the asset, the cost is the higher of:
(1) the 'annual value' of the use of the asset; and
(2) the annual amount of the sums, if any, paid by those providing the benefit by way of rent or hire charge for the asset1.
A deduction from this cost is allowed for periods when the asset was unavailable for private use
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234