EIM21878 - Asset made available without transfer to a director or employee:
Section 205 ITEPA 2003
From 6 April 2017 only.
What is an asset?
The term asset is a general term used for things like a motorcycle, laptop, clothing, fridge, quad bike, yacht, plane, land, cars, and house.
The new rules only apply to assets where other chapters of the benefits code do not apply. This means that these rules do not apply to cars, vans or living accommodation.
For 6 April 2017 to 5 April 2019 transitional rules apply to emergency vehicles made available to employees for their private use.
| Type of asset | Cash equivalent of the benefit |
|---|---|
| Land (including buildings that are not rated) | The annual rental value in accordance with section 207 ITEPA 2003\n(see EIM21885) |
| Rated buildings but not buildings used as living accommodation | The gross rating value |
| Living accommodation | Special rules apply (see EIM11321) |
| Motor cars | Special rules apply (see EIM23000) |
| Vans | Special rules apply (see EIM22700) |
| Emergency vehicles | Transitional rules apply (see EIM23610) |
| All other assets | 20 per cent of the market value at the time it was first used as a benefit (see EIM21885) |