EIM26106 - The benefits code: beneficial loans: official rates for certain foreign currencies
Section 181(2) ITEPA 2003
| Currency | Period from | Period to | Official Rate |
|---|---|---|---|
| Japanese Yen | 6 June 1994 | Current | 3.9% |
| Swiss franc | 6 June 1994 | 5 July 1994 | 5.7% |
| Swiss franc | 6 July 1994 | Current | 5.5% |
There has been no change in either rate since 1994.
These rates apply to loans made
- in the currency of a country or territory outside the UK, and
- to an employee
- who normally lives in that country or territory, and
- who has lived in that country or territory at some time in the tax year or in the previous five years.
The intention of these rules is to give relief for employees working temporarily in the UK, where interest rates in the overseas country are lower than interest rates in the UK. The relief does not apply to employees who come to the UK and live here permanently.
The expressions 바카라 사이트渘ormally lives바카라 사이트� and 바카라 사이트渓ived바카라 사이트� have their natural commonsense meaning. An employee who came to work in the UK for four years and who returned home after the four years can be said to 바카라 사이트渘ormally live바카라 사이트� in the home country. It is not necessary to maintain a residence in the overseas country during the period of employment in the UK. The terms 바카라 사이트渓ives바카라 사이트� and 바카라 사이트渉as lived바카라 사이트� connote a degree of continuance if not permanence. A holiday in the home country for an employee working in the UK would not in itself be sufficient to establish that the employee had 바카라 사이트渓ived바카라 사이트� in the overseas country within the meaning of these rules. 바카라 사이트淟iving바카라 사이트� implies more than returning for a short holiday.