Gibson has paid GBP 62 as interest towards a loan taken for investment in a partnership firm where he is a partner. He received GBP 9250 as interest on bank deposits and also employment income of 12655. During the year he also suffered a PAYE amounting to GBP 40. Calculate the total tax payable a. NIL b. None of the given options c. 687.2 d. 647.2

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.