Sections 398(2)-(6) and 399 ITEPA 2003

[Notice: the guidance on this page should be read with the notice at the top of EIM15015]

In addition to cash benefits in the form of a lump sum or pension, employer-financed retirement benefits schemes may also provide non-cash benefits on or during retirement.

Non-cash benefits may take many forms. For example, the use of an asset may be provided, or a person may be given a loan at less than a commercial rate of interest.

For the purpose of charging under s.394, the value of the benefit is the greater of:

(1)its money's worth (see EIM00515), and

(2)its ‘cash equivalent’ under the benefits code (see EIM21006)

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