EIM26171 - The benefits code: beneficial loans: exemption for commercial loans: loans varied onto commercial terms: continued
Section 176(6) ITEPA 2003
The exemption for loans varied onto commercial terms (see EIM26170) applies to loans varied if the following conditions are met:
- at the time of the variation of the loan in question, members of the public who had loans (for the same or similar purposes, see EIM26159) from the lender had a right to vary their loans on the same terms and conditions as the variation of the employee loan and
- a substantial proportion (see EIM26160) of the relevant loans (see EIM26175) were made to members of the public at large (see EIM26164) and
- after the variation, the loan in question and relevant loans made by the lender to members of the public at or about the time of variation (see EIM26162) are held on the same terms (see EIM26176) and
- if the terms differ from those applying immediately after the variation, they were imposed in the ordinary course of the lender’s business.