Principles of TAX ICAEW questions with correct answers

What does the property value have to be above where there is additional rent? - Answer £75,000 How many years does the property have to be owned by the employer before given to the employee, for it to be valued at Market Value & not the orginal cost? - Answer MORE THAN 6 years What % does the use of assets have to be used for private use to be deemed as insignificant ? - Answer 40% For Car benefit, what is the maximum contribution the employee can contribute? - Answer £5000 Can you deduct the employee contributions to fuel for cars? - Answer No What cost does in-house benefit use? - Answer Marginal - the additional cost, NOT the normal fee or average. What is the maximum % a Car benefit can go up to? - Answer 37% Is employment income on an accruals or receipts basis ? - Answer receipts - when you are paid or entitiled to When is Living accomodation EXEMPT from being a chargeable benefit? - Answer Job-related - proper/better perform