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HMRC internal manual

Employment Income Manual

From
HM Revenue & Customs
Updated
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The benefits code: beneficial loans: calculation of the cash equivalent: number of whole months

Section 182 ITEPA 2003 For the purpose of the calculation in

EIM26215 months begin on the sixth day of the calendar month.

So a loan made on 7 June and repaid on 15 December of the same tax year is outstanding for five whole months (July to November inclusive). But a loan made on 6 June and repaid on 5 December of the same tax year is outstanding for six whole months (June to November inclusive).