SCHEDULES
SCHEDULE 7
PART I MEANING OF “OBTAINED BY REASON OF EMPLOYMENT”
1
(1)
M1Subject to sub-paragraph (5) below, the benefit of a loan is obtained by reason of a person’s employment if, in relation to that person, it is of a class described in sub-paragraphs (2), (3) or (4) below.
(2)
A loan made by his employer.
(3)
M2A loan made by a company—
(a)
over which his employer had control;
(b)
by which his employer (being a company) was controlled; or
(c)
which was controlled by a person by whom his employer (being a company) was controlled.
(4)
M3A loan made in any case where—
(a)
his employer was, or had control over, or was controlled by, a close company; and
(b)
the loan was made by a person having a material interest in that close company or, that company being controlled by another company, in that other company.