Patience was born on 31 December 1954. She retired on 31 December 2014, and on that date ceased employment and self-employment. The following information is available in respect of the tax year 2014–15: Employment

(4) On 25 June 2014, Patience was given a clock valued at £600 as an award for her 25 years of teaching at her employer’s school. She has not previously received any similar awards.

Required:
What taxable benefit will arise on the beneficial loan?