Kenneth is the Chief Executive Officer of Alpha Ltd. He was provided with a flat in Repulse Bay by Beta Ltd, a subsidiary of Alpha Ltd. No remuneration was paid by Beta Ltd to Kenneth. In connection with Kenneth's employment with Alpha Ltd, he received salary income totalling $12,000,000 for the year of assessment 2020/21. In addition, he exercised a share option during the year and the taxable gain was $560,000. Deductible expenses agreed with the Inland Revenue Department to be $170,000. What is the taxable benefit from the accommodation provided by Beta Ltd for the year of assessment 2020/21?

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