- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)There is no charge to tax under section 160(1) if the cash equivalent does not exceed £200 or (for a year in which there are two or more loans outstanding) the total of all the cash equivalents does not exceed that amount.
(2)Where the amount of interest paid on a loan for the year in which it is made is not less than interest at the official rate applying for that year for the purposes of section 160 and the loan is made—
(a)for a fixed and unvariable period; and
(b)at a fixed and unvariable rate of interest,
subsection (1) of that section shall not apply to the loan in any subsequent year by reason only of an increase in the official rate since the year in which the loan was made.
(3)Where a loan was made at any time before 6th April 1978—
(a)for a fixed and unvariable period; and
(b)at a fixed and unvariable rate of interest,
section 160(1) shall not apply to the loan if it is shown that the rate of interest is not less than such rate as could have been expected to apply to a loan on the same terms (other than as to the rate of interest) made at that time between persons not connected with each other (within the meaning of section 839) dealing at arm’s length.
(4)If the employee shows that he derived no benefit from a loan made to a relative of his, section 160(1) and (2) above shall not apply to that loan.
(5)Section 160(2) does not apply where the amount released or written off is chargeable to income tax as income of the employee apart from that section, except—
(a)where it is chargeable only by virtue of section 148; or
(b)to the extent that the amount exceeds the sums previously falling to be treated as the employee’s income under section 677.
(6)On the employee’s death—
(a)a loan within subsection (1) of section 160 ceases to be outstanding for the purposes of the operation of that subsection; and
(b)no charge arises under subsection (2) of that section by reference to any release or writing-off which takes effect on or after the death.
(7)Section 160(2) does not apply to benefits received in pursuance of arrangements made at any time with a view to protecting the holder of shares acquired before 6th April 1976 from a fall in their market value.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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