Section 103 — Income Tax (Earnings and Pensions) Act 2003: Method of calculating cash equivalent

Method of calculating cash equivalent 103 1 The cash equivalent is calculated—

a under section 105 if the cost of providing the living accommodation does not exceed £75,000;

and b under section 106 if the cost of providing the living accommodation exceeds £75,000.

2 Section 104 (general rule) sets out how to calculate the cost of providing living accommodation for the purpose of determining whether or not it exceeds £75,000.

3 In this Chapter— “annual value”, “person involved in providing accommodation”, and “the property”, have the meaning given by sections 110 to 113, and “ the taxable period ” has the meaning given by section 102(1) .