SCHEDULES
Schedule 11
Valuation of benefits
12
(1)
For the purposes of section 148, the amount of a payment or other benefit is taken to be—
(a)
in the case of a cash benefit, the amount received, and
(b)
in the case of a non-cash benefit, the cash equivalent of the benefit.
(2)
The cash equivalent of a non-cash benefit is whichever is the greater of—
(a)
the amount which would be chargeable to tax under section 19(1) if the benefit were an emolument of the employment chargeable to tax under Case I of Schedule E, or
(b)
the cash equivalent determined in accordance with the provisions of section 596B (cash equivalent of benefits in kind for purposes of charge to tax on benefits under non-approved retirement benefits scheme).