Income Tax (Earnings and Pensions) Act 2003 section 200

Minor definitions

Section 200 defines various terms used elsewhere in this chapter, ensuring consistent interpretation of key concepts such as market value.

• This section provides definitions for terms used throughout the chapter relating to living accommodation provided by employers.
• The definition of "market value" is included and has been aligned with how the same term is defined in other parts of the Act, ensuring consistency.
• The definitions originate from earlier income tax legislation but have been updated for clarity and consistency.
• Understanding these definitions is essential for correctly applying the rules in this chapter when calculating taxable benefits arising from living accommodation.