EIM26100 - The benefits code: beneficial loans: contents

Part 3 Chapter 7 ITEPA 2003

EIM26101

Beneficial loans: general

EIM26102

When a chargeable benefit arises: taxable cheap loans

EIM26103

Amount chargeable: the cash equivalent

EIM26104

Amount of the official rate

EIM26105

Loans in foreign currencies

EIM26106

Official rates for certain foreign currencies

EIM26107

When to use the sterling official rate and when a foreign currency rate

EIM26108

Meaning of loan

EIM26109

Identifying the loan

EIM26110

Meaning of making a loan: loan made by third party - employee benefit trust

EIM26111

Loans taken over from another person

EIM26112

Meaning of relative

EIM26113

Meaning of employment-related loan

EIM26114

Exception where loan made by an individual

EIM26115

Exception where loan made by an individual: continued

EIM26116

Loans released or written off

EIM26130

Examples

EIM26132

Exemptions: general

EIM26135

Exemptions: contrasting treatment where some or part of the interest would qualify for relief

EIM26136

Exemptions: fully qualifying loans

EIM26137

Exemptions: qualifying and non-qualifying loans

EIM26140

Exemptions: small loans

EIM26142

Exemptions: small loans: example

EIM26145

Exemptions: small non-qualifying loans

EIM26146

Exemptions: small non-qualifying loans: example

EIM26150

Exemptions: no benefit derived from loan to relative

EIM26152

Exemptions: loans for fixed periods at fixed interest

EIM26153

Exemptions: loans for fixed periods at fixed interest: example

EIM26155

Advances of expenses

EIM26156

Advances of expenses: consequences

EIM26158

Exemption for commercial loans

EIM26159

Exemption for commercial loans: what are comparable loans

EIM26160

Exemption for commercial loans: meaning of substantial proportion

EIM26162

Exemption for commercial loans: meaning of at or about the time

EIM26164

Exemption for commercial loans: meaning of members of the public at large

EIM26170

Exemption for loans varied onto commercial terms

EIM26171

Exemption for loans varied onto commercial terms: continued

EIM26175

Exemption for loans varied onto commercial terms: meaning of relevant loans

EIM26176

Exemption for loans varied onto commercial terms: meaning of on the same terms

EIM26180

Aggregation of loans

EIM26190

Aggregation of loans: continued

EIM26192

Elections for aggregation

EIM26198

When may balances be netted off

EIM26200

Cash equivalent: the averaging and the precise method

EIM26210

The averaging method

EIM26212

Meaning of maximum balance on a day

EIM26215

Averaging method: step by step

EIM26217

Number of whole months

EIM26220

The average official rate

EIM26221

Example of calculation of cash equivalent using the averaging method

EIM26225

When to use the averaging method

EIM26230

The precise method

EIM26231

Precise method: step by step

EIM26235

Formula for the precise method

EIM26240

Election for the precise method

EIM26242

Election for the precise method: time limit for election

EIM26245

Precise method: consulting an Inspector

EIM26250

Cash equivalent: what interest paid is taken into account

EIM26251

Cash equivalent: what interest is taken into account: interest capitalised

EIM26252

Cash equivalent: interest paid half yearly

EIM26253

Cash equivalent: interest paid half yearly: example

EIM26255

Cash equivalent: interest paid after assessment final

EIM26257

Cash equivalent: late interest payments: doubts about obligation to pay

EIM26258

Late interest payments: action before listing appeal

EIM26260

Order of repayment of successive loans

EIM26261

Order of repayment of successive loans: rule in Clayton's case

EIM26270

Cash equivalent of loan treated as interest paid

EIM26280

Apportionment of cash equivalent of joint and several loan to two or more chargeable employees

EIM26300

List of examples

EIM26311

Example of steadily reducing cheap loan

EIM26312

Example of a fluctuating cheap loan account

EIM26313

Example of where an Inspector should elect for the precise method

EIM26314

Example of some loans subject to aggregation and others not

EIM26500

Interaction between employment income and other tax charges: loans from close companies: general

EIM26505

Interaction between employment income and other tax charges: director's current or loan accounts with a close company

EIM26510

Interaction between employment income and other tax charges: treatment of misappropriations in company investigation cases

EIM26515

Alternative finance arrangements - Islamic finance

EIM26520

Loans made by superannuation funds