EIM26180 - »Ê¹ÚÌåÓýapp benefits code: beneficial loans: calculation of chargeable benefit: aggregation of loans between same lender and borrower

Section 187 ITEPA 2003

»Ê¹ÚÌåÓýapp legislation provides for certain loans to be aggregated when calculating the cash equivalent. Only certain loans to directors may be aggregated.

»Ê¹ÚÌåÓýapp normal rule is that each loan is dealt with as a separate loan, unless:

  • the lender in respect of two or more loans that are outstanding at the same time is a close company (see EIM26500) and the borrower is a director of the company
  • the company elects (see EIM26192) by 6 July following the end of the tax year for aggregable loans (see EIM26190) to be treated as single loans