288 Limited exemption of certain bridging loans connected with employment moves
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Special exemption and relief for bridging loans

288  Limited exemption of certain bridging loans connected with employment moves

(1)     No liability to income tax arises by virtue of Chapter 7 of Part 3 (taxable benefits: loans) in respect of a loan if—

(a)     it is a removal benefit (see subsection (2)),

(b)     the unused removal benefit exemption condition is met (see subsection (3)), and

(c)     the loan is discharged before the end of the exempted loan discharge period (see subsection (4)).

(2)     For the purposes of this section and section 289, a loan is a removal benefit if—

(a)     it is raised by the employee in connection with a change of residence meeting the conditions in

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Direct discrimination

Direct discriminationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

Third party rights—the common law doctrine of privity of contract

Third party rights—the common law doctrine of privity of contractThis Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

Criminal damage

Criminal damageGeneralSimple criminal damage is triable either way unless the value of the alleged damage is £5,000 or less, in which case the offence will be treated as if it were triable only summarily.Where the damage is caused by fire or the racially aggravated form of the offence is charged,