EIM47025 - Para 1(7): loan charge relevant step: deciding if an amount is outstanding

Schedule 11 F(No 2)A 2017

In deciding whether an amount of a loan is outstanding, the loan charge provisions include certain payments and disregard others. These provisions are detailed at EIM47045 and EIM47050.

In order to determine whether an amount of a loan is outstanding at a particular time, the provisions of the loan charge legislation must therefore be used. It will not matter whether or not the loan or quasi-loan continues to exist at that time.