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HMRC internal manual

Employment Income Manual

Employer-financed retirement benefits schemes: example: non-cash receipts

[Notice: the guidance on this page should be read with the notice at the top of EIM15015]

On 1 September 2006, a company marks a director’s retirement by giving her a car valued at £30,000. The receipt falls after 5 April 2006 so the rules relating to employer-financed retirement benefits schemes apply (see EIM15010). The definition of “relevant benefits” for that purpose includes non-cash benefits such as this (see EIM15021) so the value of the car is within Section 394 ITEPA 2003 (as amended by s249(3) FA 2004).