EIM21632 - Particular benefits: assets placed at the disposal of a director or employee: annual value
Sections 205(3), 207 and 208 ITEPA 2003
The 바카라 사이트榓nnual value of the use of an asset바카라 사이트� depends on the nature of the asset as shown in the following table.
| Nature of asset | Annual value of use |
|---|---|
| Land (including buildings that are not rated) | The annual rental value determined in accordance with section 207 ITEPA 2003 (see below) |
| Rated buildings, other than those used as living accommodation | The gross rating value |
| All others assets, except motor cars or vans | 20% of the market value of the asset at the time it was first used to provide a benefit. For the meaning of 바카라 사이트榤arket value바카라 사이트�, see below. |
| Motor cars | Not applicable (see EIM23000) |
| Vans | Not applicable (see EIM22700) |
Annual rental value
Annual rental value is defined in section 207 ITEPA 2003 as:
바카라 사이트淭he rent that might reasonably be expected to be obtained on a letting from year to year if:
- the tenant undertook to pay all usual tenant바카라 사이트檚 taxes, rates and charges and
- the landlord undertook to bear the costs of the repairs and insurance and other expenses, if any, necessary for maintaining the land in a state to command that rent.바카라 사이트�
Meaning of 바카라 사이트渕arket value바카라 사이트�
The market value of an asset at a particular time is defined (section 208 ITEPA 2003) as the price that it might reasonably have been expected to fetch on a sale in the open market at that time.
Refer to an Inspector any dispute about the 바카라 사이트渕arket value바카라 사이트� of an asset when it was first applied as a benefit.