EIM26132 - The benefits code: beneficial loans: exemptions from charge: general
No charge is made on beneficial loans obtained by reason of a person's employment in the circumstances summarised in the following table. The relevant instructions should always be consulted.
Circumstances
|
Relevant instructions
|
The loan is a qualifying loan (see EIM26136) on which the whole of any interest qualifies for relief. |
|
The aggregate balance outstanding on all beneficial loans does not exceed £5,000 at any time in the year. |
|
The aggregate balance on all non-qualifying loans (see EIM26137) does not exceed £5,000 at any time in the year. |
|
The employee shows that he or she derived no benefit from a loan made to his or her relative. |
|
The loan is for a fixed period at a fixed rate of interest and the loan was first made:
|
|
Advances for necessary expenses made by an employer to an employee (subject to certain limits). |
|
A loan or credit on terms that are available to and substantially taken up by the public at large, made by a person whose business includes the lending of money or the giving of credit. |
