- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)In Chapter II of Part V of the Taxes Act 1988 (benefits in kind, &c.), section 160 (beneficial loan arrangements) is amended as follows.
(2)In subsection (5) (interpretation), paragraph (b) (references to loan to include any replacement loan) shall cease to have effect.
(3)After subsection (3) (deemed continuance of employment to which that Chapter applies) insert—
“(3A)Where subsection (3) above applies, a loan which—
(a)is applied directly or indirectly to the replacement of any such loan as is mentioned in paragraph (a) of that subsection, and
(b)would, if the employment referred to in that subsection had not terminated or, as the case may be, ceased to be employment to which this Chapter applies, have been a loan the benefit of which was obtained by reason of that employment,
shall, unless it is a loan the benefit of which was obtained by reason of other employment, be treated as a loan the benefit of which was obtained by reason of that employment.”.
(4)In paragraph 4 of Schedule 7 to the Taxes Act 1988 (loans obtained by reason of employment: normal method of calculation of benefit (averaging)), make the present provision sub-paragraph (1) and after it insert—
“(2)Where an employment-related loan is replaced, directly or indirectly—
(a)by a further employment-related loan, or
(b)by a non-employment-related loan which in turn is, in the same year of assessment or within 40 days thereafter, replaced, directly or indirectly, by a further employment-related loan,
sub-paragraph (1) above applies as if the replacement loan or, as the case may be, each of the replacement loans were the same loan as the first-mentioned employment-related loan.
(3)For the purposes of sub-paragraph (2) above “employment-related loan” means a loan the benefit of which is obtained by reason of a person’s employment (and “non-employment-related loan” shall be construed accordingly).
(4)The references in sub-paragraph (2) above to a further employment-related loan are to an employment-related loan the benefit of which is obtained by reason of—
(a)the same or other employment with the person who is the employer in relation to the first-mentioned employment-related loan, or
(b)employment with a person who is connected (within the meaning of section 839) with that employer.”.
(5)The above amendments have effect for the year 1995-96 and subsequent years of assessment and apply to loans whether made before or after the passing of this Act.
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