EIM26171 – The benefits code: beneficial
loans: exemption for commercial loans: loans varied onto commercial
terms: continued
Section 176(6) ITEPA 2003
The exemption for loans varied onto commercial terms (see
EIM26170) applies to loans varied if the
following conditions are met:
- at the time of the variation of the loan
in question, members of the public who had loans (for the same or
similar purposes, see
EIM26159) from the lender had a right to
vary their loans on the same terms and conditions as the variation
of the employee loan and
- a substantial proportion (see
EIM26160) of the relevant loans (see
EIM26175) were made to members of the
public at large (see
EIM26164) and
- after the variation, the loan in question
and relevant loans made by the lender to members of the public at
or about the time of variation (see
EIM26162) are held on the same terms
(see
EIM26176) and
- if the terms differ from those applying
immediately after the variation, they were imposed in the ordinary
course of the lender's business.
