Point in time view as at 17/12/2014.
Income Tax (Earnings and Pensions) Act 2003, Section 185 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.
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.
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