Regulation 4 Meaning of benefitI1

Northern Ireland

(1)

For the purposes of these Regulations a “benefit” includes anything that, if received by an employee for performing the duties of an employment within Schedule E–

(a)

would be an emolument of the employment, or

(b)

would be chargeable to tax as an emolument of the employment,

or that would be such an emolument, or chargeable as such an emolument, apart from any exemption.

(2)

The amount of a benefit is taken to be–

(a)

in the case of a cash benefit, the amount received, and

(b)

in the case of a non-cash benefit, the cash equivalent of the benefit.

(3)

The cash equivalent of a non-cash benefit is taken to be whichever is the greater of–

(a)

the amount that would be chargeable to tax under section 19(1) of the Taxes Act^f1 if the benefit were an emolument chargeable to tax under Case I of Schedule E, and

(b)

the cash equivalent determined in accordance with the rules in section 596B of that Act^f2.

(4)

For the purposes of these Regulations a benefit is treated as received–

(a)

in the case of a cash benefit, when payment is made of or on account of the benefit; and

(b)

in the case of a non-cash benefit, when it is used or enjoyed.

Annotations

Commencement

I1: Reg. 4 in force at 6.4.2000, see reg. 1(1)

Footnotes

f1: Section 19(1) was amended by section 36(2) and (3) of the Finance Act 1989 (c. 26), paragraph 5 of Schedule 7 to the Finance Act 1996 (c. 8) and section 63(3)(a) of the Finance Act 1998 (c. 36).
f2: Section 596B was inserted by paragraph 9 of Schedule 6 to the Finance Act 1989 and amended by section 93(2) of the Finance Act 1998.