SCHEDULES

SCHEDULE 7 TAXATION OF BENEFIT FROM LOANS OBTAINED BY REASON OF EMPLOYMENT

PART III EXCEPTIONS WHERE INTEREST ELIGIBLE FOR RELIEF

7

Section 160(1) does not apply to a loan in any year—

(a)

M1for which interest is paid on the loan and the whole of that interest is eligible for relief, or

(b)

for which no interest is paid on the loan but had interest been paid on it at the official rate the whole of that interest would have been eligible for relief.