Jim is the managing director of a company. The company has provided him with a house, which has an annual value of 9,750 and which cost his employer 250,000. Jim makes no contribution to the cost of the house or towards its running costs which cost the company 2,300 in 2022-23. The company has also furnished the house for 18,500. Jims occupation of the house is not job-related.

Calculate the taxable benefit in 2022-2023, assuming that the official rate of interest on 6 April 2022 was 2% per annum.