8 Taxable benefits: asset made available without transfer
Finance Act 2017 (2017 c 10) | Legislation

8  Taxable benefits: asset made available without transfer

(1)     ITEPA 2003 is amended as follows.

(2)     In section 205 (cost of taxable benefit subject to the residual charge: asset made available without transfer)—

(a)     in subsection (1), for paragraph (a) substitute—

“(a)     the benefit consists in an asset being made available for private use, and”,

(b)     after subsection (1) insert—

“(1A)     In this section and section 205A, “private use” means private use by the employee or a member of the employee's family or household.

(1B)     For the purposes of subsection (1) and sections 205A and 205B, an asset made available in a tax year for use by the employee or a member of the employee's family or household is to be treated as made available throughout the year for private use unless—

(a)     at all times in the year when it is available for use by the employee or a member of the employee's family or household, the terms under which it is made available prohibit private use, and

(b)     no private use is made of it in the year.

(1C)     The cost of the taxable benefit is—

(a)     the annual cost of the benefit determined in accordance

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Transferred malice

Transferred maliceThe principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

A chargor (an individual) is granting a legal charge to a chargee (a company). Can an employee of the

There does not appear to be any evidence that an employee of the chargee cannot witness the chargor’s signature.Practice Note: Property deeds—use and execution of deeds in property transactions, provides guidance on who may witness the signature of a deed by an individual:‘There are certain

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim