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Income and Corporation Taxes Act 1988
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- UK Public General Acts
- 1988 c. 1
- SCHEDULE 7
- PART II
- Apportionment of cash equivalent...
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Changes over time for: Cross Heading: Apportionment of cash equivalent in case of joint loan etc.
No versions valid at: 01/04/2000
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- 28/07/2000- Amendment
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Point in time - 06/04/2003- Amendment
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Income and Corporation Taxes Act 1988, Cross Heading: Apportionment of cash equivalent in case of joint loan etc. is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 28/07/2000
Apportionment of cash equivalent in case of joint loan etc.U.K.
5A(1)Where in any year there are two or more employees chargeable to tax in respect of the same loan—
(a)the cash equivalent of the benefit of the loan (determined in accordance with this Schedule) shall be apportioned between them in a fair and reasonable manner, and
(b)the portion allocated to each employee shall be treated as the cash equivalent of the benefit of the loan so far as he is concerned.
(2)For the purposes of determining the cash equivalent in such a case, the references in paragraph 5 above to the employee shall be construed as references to all the chargeable employees.
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