206 Cost of the benefit: transfer of used or depreciated asset
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

206  Cost of the benefit: transfer of used or depreciated asset

(1)     The cost of an employment-related benefit is determined in accordance with this section if—

(a)     the benefit consists in the transfer of an asset, and

(b)     the asset has been used, or has depreciated, since the person transferring the asset (“the transferor”) acquired or produced it.

(2)     The cost of the benefit is the market value of the asset at the time of the transfer.

(3)     But the cost of the benefit (“the current benefit”) is

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