Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Section 181 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.
(1)“The official rate of interest” for the purposes of this Chapter means the rate applicable under section 178 of FA 1989 (general power of Treasury to specify rates of interest).
(2)Regulations under that section may make different provision in relation to a loan if—
(a)it was made in the currency of a country or territory outside the United Kingdom, and
(b)the employee normally lives in that country or territory, and has actually lived there at some time in the period of 6 years ending with the tax year in question.
(3)Subsection (2) does not affect the general power under section 178(3) of FA 1989 to make different provision for different purposes.
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