Max is employed by Star Ltd. On 6 April 2014, Star Ltd provided Max with a camera for his personal use. The camera had a market value of £2,000 on 6 April 2014.
On 6 April 2015, Star Ltd gave the camera to Max for free. The camera had a market value of £1,400 on 6 April 2015.
What is Max’s taxable benefit in respect of the camera for the tax year 2015–16?
A £1,000
B £1,400
C £2,000
D £1,600
Alfred and Edward King are brothers. They are trying to calculate their balancing payments for the tax year 2013–14, and the following information is available:
Edward King
(4) Stately Ltd has provided Edward with a home entertainment system for his personal use since 6 April 2010.
The home entertainment system had been purchased by Stately Ltd on 6 April 2010 for £5,200. The company gave the home entertainment system to Edward on 6 April 2013 for no charge, although its market value at that time was £2,200.
Required:
What is the gift benefit?