182 Normal method of calculation: averaging
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

182  Normal method of calculation: averaging

The normal method of calculating for the purposes of this Chapter the amount of interest that would be payable on a loan for a tax year at the official rate is as follows.

Step 1

Calculate the average amount of the loan outstanding during the tax year—

1     Find the maximum amount of the loan outstanding on 5th April preceding the tax year or, if the

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