Legislation

The legislation covering benefits in kind and expenses is covered within the following Act that was passed by Tynwald.

The Income Tax Act 1970

Section 2F Sets out the treatment of payments in respect of expenses
Section 2G Informs what a benefit in kind is; who it applies to and that the Treasury may provide for exemptions
Section 2H How to calculate the benefit in kind charge for general benefits
Section 2I How to calculate the benefit in kind charge for a car made available for private use
Section 2J How to calculate the benefit in kind charge for fuel provided to an employee
Section 2K Sets out the treatment of pool cars

qualifies the exemptions conferred by Treasury under section 2G(4) of the Income Tax Act 1970

This revises the method of charging car and fuel benefits in kind from a market value basis to a cylinder capacity basis.