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HMRC internal manual

Employment Income Manual

The benefits code: beneficial loans: calculation of the cash equivalent: the average official rate

Section 182 ITEPA 2003

If the appropriate official rate changes during the period when the loan is outstanding, the average official rate is calculated by reference to:

  • the number of days in the period and
  • the number of days for which each rate was in force.

See the example at EIM26221.