Do you make assets available to your employees or members of their family?
21 March 2017
The Employment Income Manual (EIM) guidance will cease to be draft when the Finance Bill 2017 receives Royal Assent.
From 6 April 2017 there will be new tax rules for directors or employees who have an asset made available to them for their private use but without ownership of the asset actually transferring. The guidance explains how to calculate the chargeable value of the benefit when an employee has an asset made available for him or her to use for private use or where the asset is used for both private and business use.
Amongst other items of information the EIM Guidance includes:
- EIM 21875 - a comparison of the new and old rules
- EIM 21878 - what an asset is for these rules
- EIM 21880 - when the rules apply