EIM26175 – The benefits code: beneficial loans: exemption for commercial loans: loans varied onto commercial terms: meaning of relevant loans

Section 176(7)(b) ITEPA 2003

For the purposes of the exemptions for loans varied onto commercial terms (see EIM26171) the relevant loans are:

• the employee loan in question and
• any existing loans that were varied at or about the time (see EIM26162) the employee loan was varied, so as to be on the same terms (see EIM26176) as that loan after it was varied and
• any new loans made by the lender, at or about the time the employee loan was varied, on the same terms as the employee loan after it was varied.