Part 1 Application of Part 7A of ITEPA 2003
Finance (No 2) Act 2017 (2017 c 32) | Legislation

SCHEDULE 11 Employment Income Provided Through Third Parties: Loans etc Outstanding on 5 April 2019

Section 34

Part 1 Application of Part 7A of ITEPA 2003

Relevant step

1

(1)     A person (“Pâ€) 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 [9 December 2010], 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 the end of 5 April 2019].

(3)     Where P is treated by this paragraph as taking a relevant step, references to “the relevant step†in [sections 554A(1)(e)(i) and (ii) and 554AA(1)(h)(i) and (ii)] of ITEPA 2003 have effect as if they were references to the step of making the loan or, as the case may be, quasi-loan.

(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

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