Income Tax (Earnings and Pensions) Act 2003 section 459

Amount of charge

Section 459 specifies how to calculate the amount of the taxable benefit charge arising from certain employer-provided benefits.

• The section sets out the method for determining the chargeable amount of a benefit provided to an employee.
• The charge is based on the "value" of the benefit as defined in the legislation.
• This provision derives from earlier rules found in section 80(4) and the definition of "value" in section 87(1) of the Finance Act 1988.
• The section was subsequently amended by Schedule 22, paragraph 9(1) of the Finance Act 2003.