benefit in kind
Also found in: Dictionary, Acronyms.
benefit in kindincome from employment includes not only wages and salaries but also benefits provided in non-monetary form. These benefits are taxable on most employees as if they had received income equal to the cost to the employer of providing the benefit. However, special methods of calculating the value are applied to living accommodation, cars, car fuel, vans and cheap loans.
Collins Dictionary of Law © W.J. Stewart, 2006