The present participle of 'benefit,' meaning currently receiving advantages or improvements from something.
From 'benefit' with the double 't' before the '-ing' suffix, following British spelling conventions that double consonants before adding suffixes to one-syllable or stressed-syllable words.
Just like 'benefitted,' the spelling 'benefitting' with double-t is primarily British, while Americans write 'benefiting'—another example of how English's complicated doubling rules create regional spelling variations!
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