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Home / Simons-Taxes /Personal and employment tax /Part E4 Employment income /Division E4.6 The benefits code /Benefits code—employment-related loans / E4.643 Cheap loans—the cash equivalent (supplementary)
Commentary

E4.643 Cheap loans—the cash equivalent (supplementary)


Personal and employment tax

Loans in foreign currencies

Regulations made by the Treasury that set the official rate of interest1 (see E4.640) allow different rates to be set for certain loans in foreign currencies2. Rates have so far been set for the Japanese yen and the Swiss franc (see EIM26106), and have remained unchanged since 1994.

The loans are those which are made in the currency of a country or territory outside the UK and satisfy the following conditions:

  1. Ìý

    •ÌýÌýÌýÌý the employee normally lives in the country or territory concerned, and

  2. Ìý

    •ÌýÌýÌýÌý the employee has lived in that country or territory at some time in the six

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