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HMRC internal manual

Employment Income Manual

The benefits code: beneficial loans: exemption for commercial loans: loans varied onto commercial terms

Section 176(5) ITEPA 2003

There is an exemption for:

  • loans made by a person in the ordinary course of a business that includes the lending of money and
  • that are varied onto terms that are the same as the terms of loans held by members of the public (see EIM26171).