SCHEDULES
SCHEDULE 11Employment income provided through third parties: loans etc outstanding on 5 April 2019
PART 1Application of Part 7A of ITEPA 2003
Relevant step
1
1
A person (“P”) is treated as taking a relevant step for the purposes of Part 7A of ITEPA 2003 if—
a
P has made a loan, or a quasi-loan, to a relevant person,
b
the loan or quasi-loan was made on or after 6 April 1999, and
c
an amount of the loan or quasi-loan is outstanding immediately before the end of 5 April 2019.
2
P is treated as taking the step immediately before—
a
the end of the approved repayment date, if P has made a loan which is an approved fixed term loan on 5 April 2019, or
b
the end of 5 April 2019, in any other case.
3
4
For the purposes of section 554Z3(1) of ITEPA 2003 (value of relevant step), the step is to be treated as involving a sum of money equal to the amount of the loan or quasi-loan that is outstanding at the time P is treated as taking the step.
5
Subsections (2) and (3) of section 554C of ITEPA 2003 (“relevant person”) apply for the purposes of this Schedule as they apply for the purposes of that section.
6
7
For the purposes of this paragraph, whether an amount of a loan or quasi-loan is outstanding at a particular time—
a
is to be determined in accordance with the following provisions of this Schedule, and
b
does not depend on the loan or quasi-loan subsisting at that time.
8
References in this Schedule and in Part 7A of ITEPA 2003 to a relevant step within paragraph 1 of this Schedule are to be read as references to a relevant step which a person is treated by this paragraph as taking.