The official rate of interest used in calculating the benefit of a ‘taxable cheap loan’, treated as earnings by ITEPA 2003 s 175, will remain at 4% for the tax year 2011/12 subject to any review in the event of significant changes in interest rates, HMRC announced.
The 4% rate has applied since 6 April 2010 (SI 2010/415).
The official rate of interest used in calculating the benefit of a ‘taxable cheap loan’, treated as earnings by ITEPA 2003 s 175, will remain at 4% for the tax year 2011/12 subject to any review in the event of significant changes in interest rates, HMRC announced.
The 4% rate has applied since 6 April 2010 (SI 2010/415).
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