Section 203 — Income Tax (Earnings and Pensions) Act 2003: Cash equivalent of benefit treated as earnings

Cash equivalent of benefit treated as earnings 203 1 The cash equivalent of an employment-related benefit is to be treated as earnings from the employment for the tax year in which it is provided.

2 The cash equivalent of an employment-related benefit is the cost of the benefit less any part of that cost made good by the employee , to the persons providing the benefit, on or before 6 July following the tax year in which it is provided .

3 The cost of an employment-related benefit is determined in accordance with section 204 unless—

a section 205 provides that the cost is to be determined in accordance with that section, or b section 206 provides that the cost is to be determined in accordance with that section.