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HMRC internal manual

VAT Valuation Manual

HM Revenue & Customs
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Specific applications: apportionment and valuation of membership benefits: interest-free loans with compulsory and voluntary elements

Sometimes a club will insist that its members make a loan up to a certain level, but give them the option of lending more if they wish. You should treat each of the two loan elements separately as described above - the first part as a compulsory loan and the second part as a voluntary one where applicable.