- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Finance (No. 2) Act 2017, Cross Heading: Transfer of employment-related loans.
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27(1)Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person (“P”) if—U.K.
(a)P is treated as taking a relevant step within that paragraph by reason of making a quasi-loan by acquiring a right to payment of an amount equal to the whole or part of a payment made by way of a loan to a relevant person (the “borrower”),
(b)the loan, at the time it was made, was an employment-related loan,
(c)at the time the right is acquired, the section 180 threshold is not exceeded in relation to the loan,
(d)at the time the right is acquired, the borrower is an employee, or a prospective employee, of P, and
(e)there is no connection (direct or indirect) between the acquisition of the right and a tax avoidance arrangement.
(2)Subsections (2) to (5) of section 554OA of ITEPA 2003 (section 180 threshold) apply for the purposes of this paragraph as they apply for the purposes of that section.
(3)In this paragraph, “ ” has the same meaning as it has for the purposes of Chapter 7 of Part 3.
28U.K.In section 554OA of ITEPA 2003 (exclusions: transfer of employment-related loans), at the end insert—
“(6)See paragraph 27 of Schedule 11 to F(No. 2)A 2017 for provision about exclusions where a loan is an employment-related loan and the relevant step is within paragraph 1 of that Schedule.”
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