SCHEDULES
F1F1SCHEDULE 7
Annotations:
Amendments (Textual)
PART II CALCULATION OF CASH EQUIVALENT OF LOAN BENEFIT
Apportionment of cash equivalent in case of joint loan etc.
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.
Schs. 6, 6A, 7, 7A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 paras. 110, 111, Sch 8 Pt. 1 (with Sch. 7)