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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 184

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Point in time view as at 02/12/2019.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 184 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. Help about Changes to Legislation

184Interest treated as paidU.K.
This section has no associated Explanatory Notes

(1)This section applies where [F1

(a)the cash equivalent of the benefit of a taxable cheap loan is treated as earnings from an employee's employment for a tax year under section 175(1), or

(b)the relevant amount in respect of the benefit of a taxable cheap loan is treated as earnings from an employee's employment for a tax year under section 175(1A).]

(2)The employee is to be treated for the purposes of the Tax Acts as having paid interest on the loan in that year equal to the cash equivalent.

(3)But the employee is not to be treated as having paid that interest for the purposes of this Chapter or of any of [F2the following Chapters of this Part—

  • Chapter 3 (taxable benefits: expenses payments);

  • Chapter 6 (taxable benefits: cars, vans and related benefits);

  • Chapter 10 (taxable benefits: residual liability to charge).]

(4)The interest is to be treated—

(a)as accruing during the period in the tax year during which the employee holds the employment and the loan is outstanding, and

(b)as paid by the employee at the end of the period.

(5)The interest is not to be treated—

(a)as income of the person making the loan, or

(b)as relevant loan interest to which section 369 of ICTA applies (mortgage interest payable under deduction of tax).

Textual Amendments

F1Words in s. 184(1) substituted (with effect in accordance with Sch. 2 para. 62 of the amending Act) by Finance Act 2017 (c. 10), Sch. 2 para. 46

F2Words in s. 184(3) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 11

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