Loans made to employees

Loans made to employees

April 4th 2010 4:52 pm

general

HMRC have announced the official rate of interest to be used to calculate the value of a benefit in kind on a loan made to an ...

By Ray Arman

1,402 views

HMRC have announced the official rate of interest to be used to calculate the value of a benefit in kind on a loan made to an employee. From April 6th 2010, the official interest rate for beneficial loan arrangements is 4.00%. The rate for the current (2009/2010) tax year is 4.75%. Employees are liable to pay tax on the interest portion of a loan made to them, calculated at the above official rate, when the balance of the loan exceeds £5,000 during any point of the tax year.

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