Part 3Employment income: earnings and benefits etc. treated as earnings
C1Chapter 7Taxable benefits: loans
Annotations:
Modifications etc. (not altering text)
Benefit of taxable cheap loan treated as earnings
178Exception for loans where interest qualifies for tax relief
A loan is not a taxable cheap loan in relation to a particular tax year if, assuming interest is paid on the loan for that year (whether or not it is in fact paid), the whole of that interest—
a
is eligible for relief under section 353 of ICTAF1or section 383 of ITA 2007 (relief for interest payments),
b
would be eligible for relief under F3section 353 of ICTA but for the fact that it is a payment of relevant loan interest to which section 369 of ICTA applies (mortgage interest payable under deduction of tax),
Pt. 3 Ch. 7 extended (with modifications) (with effect in accordance with s. 97(3) of the amending Act) by Finance Act 2006 (c. 25), s. 97(1)(2)