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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2013 - onwards
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811B. Tax treatment of loans from employee benefit schemes.

(1) In this section -

'benefit scheme', subject to subsection (2)(c), means a trust, scheme or other arrangement and includes any settlement, disposition, covenant, agreement, transfer of money or transfer of other property or of any right to money or of any right to other property;

'employee' includes an office holder and any person who is an employee within the definition of 'employee' in section 983;

'employer' includes any person connected with an employer and any person who is an employer within the definition of 'employer' in section 983 or connected with such employer;

'loan' means any loan, advance or any form of credit;

'specified rate' means the rate specified in paragraph (iii) of the definition of 'the specified rate' in section 122.

(2) For the purposes of this section -

(a) any question whether a person is connected with another person shall be determined in accordance with section 10 (as it applies for the purposes of the Tax Acts),

(b) the loan of, or the provision of t

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