173Loans to which this Chapter appliesU.K.
(1)This Chapter applies to a loan if it is an employment-related loan.
[F1(1A)Where this Chapter applies to a loan—
(a)the loan is a benefit for the purposes of this Chapter (and accordingly it is immaterial whether the terms of the loan constitute a fair bargain), and
(b)sections 175 to 183 [F2make provision about amounts which, in the case of a taxable cheap loan, are to be treated as earnings in certain circumstances] .]
(2)In this Chapter—
(a)“loan” includes any form of credit, and
(b)references to making a loan (and related expressions) include arranging, guaranteeing or in any way facilitating a loan.
(3)Sections 288 and 289 make provision for exemption and relief for certain bridging loans connected with employment moves.
Textual Amendments
F1S. 173(1A) inserted (with effect in accordance with s. 7(9) of the amending Act) by Finance Act 2016 (c. 24), s. 7(8)
F2Words in s. 173(1A)(b) substituted (with effect in accordance with Sch. 2 para. 62 of the amending Act) by Finance Act 2017 (c. 10), Sch. 2 para. 42