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HMRC internal manual

Employment Income Manual

The benefits code: cash equivalent of benefits

Section 203(1) ITEPA 2003The value of a benefit to be charged to tax is called its “cash equivalent” (Section 203(1) ITEPA 2003).

The general rule for determining the amount of a cash equivalent is described at EIM21102. There are special rules in the case of certain benefits. They are listed at EIM21230.