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NICOLA MANCLARK continues our series on old cases by asking if Tennant v Smith is still a valuable precedent
KEY POINTS
- Accommodation provided by employer.
- Schedule E or Schedule D?
- Tax cases over the years.
- Concept of money’s worth for tax purposes.
The House of Lords decision in 1892 in Tennant v Smith 3 TC 158 established the concept of ‘money’s worth’ which now permeates the UK tax legislation.
The case related to what we might now refer to as ‘job related accommodation’ in respect of a bank employee and whether or not the house provided to him by the bank was taxable as income.
Numerous cases have followed on the types of benefit or asset which may constitute money’s worth for employment tax purposes.
Eventually a definition of the phrase was codified in ITEPA 2003 but the old case law still remains relevant and not just in respect...
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