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Mr Quinton was provided with a company flat in Birmingham in January 2012. The rateable value of the flat is £1,200. The property cost his employer £125,000, but was valued at £150,000 in January 2012. Mr Quinton paid rent of £500 pa. Required: What is the taxable benefit for 2012/13 assuming: (a) His employer purchased the property in 2010, or |