EIM26108 - The benefits code: beneficial loans: meaning of loan
Section 173(2)(a) ITEPA 2003
Loan means more than just lending money. It includes any form of credit. It follows that any kind of advance by reason of the employment is covered. For example, any amount shown in the employer바카라 사이트檚 books or records as owed by an employee will count as a loan.
Grant v Watton
The case of Grant v Watton (71TC333) concerned credit extended by a company of which Grant was a director, to his sole trade and later to a partnership in which Grant was the general partner. In the High Court Pumfrey J. considered the meaning of credit 바카라 사이트�
바카라 사이트�바카라 사이트�.credit is granted where payment is not demanded until a time later than the supply of goods to which the payment relates. Credit is the deferral of payment of a sum which, absent agreement, would be immediately payable.바카라 사이트�
Regarding the application of Section 175 ITEPA 2003 to an overdrawn director바카라 사이트檚 loan account see EIM26505.
Alternative finance arrangements
See EIM26515.