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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Section 177 is up to date with all changes known to be in force on or before 06 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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- s. 452(2)(aa) inserted by 2013 c. 29 Sch. 23 para. 11
- s. 637T inserted by S.I. 2024/1012 reg. 3(7)
- s. 683(3D) inserted by S.I. 2024/1012 reg. 4(4)
- s. 707A inserted by 2024 c. 3 s. 36(4)
177Exceptions for loans at fixed rate of interestU.K.
This section has no associated Explanatory Notes
(1)A fixed rate loan made on or after 6th April 1978 is not a taxable cheap loan by reason only of an increase in the official rate of interest since the year in which the loan was made if the condition in subsection (2) is met.
(2)The condition in this subsection is met if the amount of interest paid on the loan for the tax year in which it was made was equal to or greater than the interest that would have been payable at the official rate for that year.
(3)A fixed rate loan made before 6th April 1978 is not a taxable cheap loan if the condition in subsection (4) is met.
(4)The condition in this subsection is met if the rate of interest for the loan is equal to or greater than the rate which could have been expected to apply to a loan made—
(a)at the same time as the loan in question,
(b)on the same terms (other than as to the rate of interest), and
(c)between persons not connected with each other dealing at arm’s length.
(5)In this section a “fixed rate loan” means a loan—
(a)made for a fixed period which cannot be changed, and
(b)made at a fixed rate of interest which cannot be changed during that period.
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