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Changes over time for: Section 399


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 02/12/2019.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 399 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.

Changes to Legislation
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399Employment-related loans: interest treated as paidU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)an amount consisting of, or including, an amount representing the benefit of a loan (“a taxable amount”) counts as employment income of an individual in a tax year under section 394(1), or
(b)the [person who is (or any of the persons who are) the responsible person in relation to] a scheme is charged to tax on a taxable amount ... under section 394(2).
(2)The individual or the [responsible person] is to be treated for all purposes of the Tax Acts (other than this Chapter) as having paid interest on the loan in the tax year equal to the amount representing the cash equivalent of the loan.
(3)The interest is to be treated—
(a)as accruing during the period in the tax year during which the loan is outstanding, and
(b)as paid at the end of the period.
(4)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).
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