The rules governing cheap loans for employees are well known yet in practice can be difficult to navigate. This requires a comprehensive understanding not only of the bases of calculating a taxable benefit but also what is meant by an employment related loan, how and what interest is reflected in the calculations plus the practical issues that surround claims to an exemptions. By their very nature, close companies will also often be involved in the provision of loans giving rise to some interesting legislative interactions.
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The rules governing cheap loans for employees are well known yet in practice can be difficult to navigate. This requires a comprehensive understanding not only of the bases of calculating a taxable benefit but also what is meant by an employment related loan, how and what interest is reflected in the calculations plus the practical issues that surround claims to an exemptions. By their very nature, close companies will also often be involved in the provision of loans giving rise to some interesting legislative interactions.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
