SCHEDULE 7Transitionals and savings
Part 3Employment income: earnings and benefits etc. treated as earning
Taxable benefits: loans
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(1)
Subject to paragraph 25(2), where a loan is made before 6th April 2003, section 188 (loan released or written off: amount treated as earnings) applies with the following modifications.
(2)
References to the employment in relation to which a loan is an employment-related loan are to be read, in relation to times before 6th April 2003, as references to the employment referred to in section 174 (employment-related loans) as modified by paragraph 17.
(3)
In relation to times before 6th April 2003—
(a)
in subsection (2)(c), substitute “an employment to which Chapter 2 of Part 5 of ICTA applies” for F1“not lower-paid employment as a minister of religion”, and
(b)
in subsection (3)(a), substitute “
an employment to which Chapter 2 of Part 5 of ICTA does not apply
”
for F2“lower-paid employment as a minister of religion”.