EIM26100 - The benefits code: beneficial loans: contents
Part 3 Chapter 7 ITEPA 2003
Beneficial loans: general |
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When a chargeable benefit arises: taxable cheap loans |
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Amount chargeable: the cash equivalent |
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Amount of the official rate |
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Loans in foreign currencies |
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Official rates for certain foreign currencies |
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When to use the sterling official rate and when a foreign currency rate |
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Meaning of loan |
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Identifying the loan |
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Meaning of making a loan: loan made by third party - employee benefit trust |
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Loans taken over from another person |
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Meaning of relative |
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Meaning of employment-related loan |
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Exception where loan made by an individual |
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Exception where loan made by an individual: continued |
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Loans released or written off |
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Examples |
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Exemptions: general |
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Exemptions: contrasting treatment where some or part of the interest would qualify for relief |
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Exemptions: fully qualifying loans |
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Exemptions: qualifying and non-qualifying loans |
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Exemptions: small loans |
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Exemptions: small loans: example |
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Exemptions: small non-qualifying loans |
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Exemptions: small non-qualifying loans: example |
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Exemptions: no benefit derived from loan to relative |
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Exemptions: loans for fixed periods at fixed interest |
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Exemptions: loans for fixed periods at fixed interest: example |
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Advances of expenses |
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Advances of expenses: consequences |
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Exemption for commercial loans |
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Exemption for commercial loans: what are comparable loans |
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Exemption for commercial loans: meaning of substantial proportion |
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Exemption for commercial loans: meaning of at or about the time |
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Exemption for commercial loans: meaning of members of the public at large |
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Exemption for loans varied onto commercial terms |
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Exemption for loans varied onto commercial terms: continued |
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Exemption for loans varied onto commercial terms: meaning of relevant loans |
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Exemption for loans varied onto commercial terms: meaning of on the same terms |
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Aggregation of loans |
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Aggregation of loans: continued |
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Elections for aggregation |
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When may balances be netted off |
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Cash equivalent: the averaging and the precise method |
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The averaging method |
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Meaning of maximum balance on a day |
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Averaging method: step by step |
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Number of whole months |
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The average official rate |
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Example of calculation of cash equivalent using the averaging method |
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When to use the averaging method |
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The precise method |
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Precise method: step by step |
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Formula for the precise method |
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Election for the precise method |
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Election for the precise method: time limit for election |
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Precise method: consulting an Inspector |
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Cash equivalent: what interest paid is taken into account |
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Cash equivalent: what interest is taken into account: interest capitalised |
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Cash equivalent: interest paid half yearly |
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Cash equivalent: interest paid half yearly: example |
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Cash equivalent: interest paid after assessment final |
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Cash equivalent: late interest payments: doubts about obligation to pay |
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Late interest payments: action before listing appeal |
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Order of repayment of successive loans |
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Order of repayment of successive loans: rule in Clayton's case |
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Cash equivalent of loan treated as interest paid |
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Apportionment of cash equivalent of joint and several loan to two or more chargeable employees |
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List of examples |
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Example of steadily reducing cheap loan |
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Example of a fluctuating cheap loan account |
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Example of where an Inspector should elect for the precise method |
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Example of some loans subject to aggregation and others not |
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Interaction between employment income and other tax charges: loans from close companies: general |
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Interaction between employment income and other tax charges: director's current or loan accounts with a close company |
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Interaction between employment income and other tax charges: treatment of misappropriations in company investigation cases |
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Alternative finance arrangements - Islamic finance |
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Loans made by superannuation funds |
