Part 3Employment income: earnings and benefits etc. treated as earnings
Chapter 7Taxable benefits: loans
Supplementary provisions relating to taxable cheap loans
185Apportionment of cash equivalent in case of joint loan etc.
Where in any tax year the cash equivalent of the benefit of the same taxable cheap loan is to be treated as earnings of two or more employees—
a
the cash equivalent of the benefit of the loan (determined in accordance with the provisions of this Chapter) is to be apportioned between them in a just and reasonable manner, and
b
the portion allocated to each employee is to be treated as the cash equivalent of the benefit of the loan so far as that employee is concerned.