EIM11434 - Living accommodation: meaning of annual value for United Kingdom properties

Sections 105(3) and 110 ITEPA 2003

The legislation uses the phrase annual value to measure the value of the benefit of being provided with living accommodation (see EIM11431). EIM11432 explains why gross rating value is used for annual value for properties in the United Kingdom.

The amount of annual value for United Kingdom properties is set out in the table below.

Country	When first valued	Annual value to take
England and Wales	All cases	The 1973 gross rating value
Northern Ireland	All cases	The 1976 gross rating value
Scotland	(For tax years before 1987 to 1988, see the SE Manual)	100 ÷ 270 × the 1985 gross rating value
Anywhere in the United Kingdom	No gross rating value set	Ask the appropriate District Valuer to confirm any estimated figure provided by the employer that you want to check. If no such estimate is provided or the estimate is not acceptable the District Valuer will provide a (not negotiated) figure. If the taxpayer does not accept that figure the District Valuer will try to agree a figure with the taxpayer. For the procedure for referring to the District Valuer see EIM11437.

For the formula to convert a net rating value figure to a gross rating value figure see EIM11438.