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3.—(1) If these Regulations apply, a benefit is provided.
(2) In these Regulations the benefit is called “the living accommodation benefit”.
(3) The amount of the living accommodation benefit is calculated in the same way as the cash equivalent of the benefit is calculated under Chapter 5.
(4) For the purposes of the calculation required by paragraph (3)—
(a)references in Chapter 5 to the employee are to be treated as references to an individual for whom the living accommodation is provided,
(b)references in Chapter 5 to the employer are to be treated as references to the registered pension scheme, and
(c)references in Chapter 5 to the taxable period are to be treated as references to the period (consisting of the whole or part of a tax year) for which these Regulations apply.
(5) In this regulation “Chapter 5” means Chapter 5 of Part 3 of the Income Tax (Employments and Pensions) Act 2003(1) (taxable benefits: living accommodation).
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