The 2024 Autumn Statement included a less publicised announcement that from April 2025 the Official Rate of Interest (ORI) will change from the rate set for the whole year, effective from April to a quarterly review.

The ORI will now be valued on a quarterly basis, (April, July, October, and January). This makes the calculation of the benefit value more complex and may result in an higher level of income tax and NI liabilities being due.

ORI is used to calculate the benefit value for the provision of living accommodation and beneficial loans, as reported on forms P11D. The value is then used to establish the income tax and Class 1A NI liabilities.