A taxable benefit arises where an employee is provided a low-interest or no-interest loan in relation to his or her employment1. The cash equivalent of the benefit is calculated as the difference between the amount of interest paid by the employee and a benchmark amount determined by reference to the published official rate2. The following loans are excluded:
(1) where the total of all such loans does not exceed £10,0003;
(2) loans made on commercial terms by an employer whose business includes the making of loans, where a substantial proportion of those loans are made to members of the
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234