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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 399

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Point in time view as at 02/12/2019.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. Help about Changes to Legislation

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 [F1person 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 F2... under section 394(2).

(2)The individual or the [F3responsible 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).

Textual Amendments

F1Words in s. 399(1) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(9), 284(1) (with Sch. 36)

F3Words in s. 399(2) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 249(10), 284(1) (with Sch. 36)

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