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HMRC internal manual

Employment Income Manual

The benefits code: beneficial loans: calculation of chargeable benefit elections for aggregation

Section 187(2) ITEPA 2003An election for aggregation (see

EIM26180) to apply must be made by the close company to the Inspector by 6 July following the end of the tax year.

A company that wishes to make an election for aggregation to apply may do so by calculating the figures in the P11D return on that basis.

The director is bound by the company’s election.

Where an election is made it will cover all aggregable loans owing to the lender by the borrower in the year. It is not possible to make an election covering some aggregable loans but not others.

A separate election is needed for each year.