[554O Exclusions: employee car ownership schemes]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554O  Exclusions: employee car ownership schemes]

[(1)     This section applies if—

(a)     there is an arrangement (“the car ownership arrangement”) which—

(i)     provides for A to purchase a new car from another person (“P”) using a loan (“the car loan”) to be made to A by [an authorised lender],

(ii)     specifies the date (“the repayment date”) by which the car loan must be fully repaid which must be no later than four years after the date on which the car loan is made, and

(iii)     permits A, in order to obtain funds to repay the car loan, to sell the car back to P on a specified

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

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited