Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 12 is up to date with all changes known to be in force on or before 06 March 2025. 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.
12(1)The arrangements for the plan must not make any provision, or be associated in any way with any provision made, for loans to some or all of the employees of—U.K.
(a)the company, or
(b)in the case of a group plan, of any constituent company.
(2)The operation of the plan must not be associated in any way with such loans.
(3)In sub-paragraph (1) “arrangements” includes any scheme, agreement, undertaking or understanding, whether or not legally enforceable.
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