71 Taxable benefit of living accommodation: lease premiums
Finance Act 2009 (2009 c 10) | Legislation

71  Taxable benefit of living accommodation: lease premiums

(1)     Chapter 5 of Part 3 of ITEPA 2003 (taxable benefits: living accommodation) is amended as follows.

(2)     In section 105 (cash equivalent: cost of accommodation not over £75,000)—

(a)     in subsection (3), after “is” insert “(subject to subsections (4) and (4A))”, and

(b)     for subsection (4) substitute—

“(4)     Subsection (4A) applies where—

(a)     a rental amount is payable by the person (“P”) at whose cost the accommodation is provided in respect of the whole or part of the taxable period (“the relevant period”), and

(b)     the amount so payable is payable at an annual rate greater than the annual value.

(4A)     Where this subsection applies—

(a)     subsection (3) does not apply to the relevant period, and

(b)     instead the “rental value of the accommodation” for the relevant period is the rental amount payable by P in respect of the relevant period.

(4B)     A reference in subsection (4) or (4A) to a rental amount payable by P in respect of the relevant period is to the sum of—

(a)     any rent for the period payable by P, and

(b)     any amount attributed to the period in respect of a lease

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