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 Benefit-in-kind interest rate frozen
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Tuesday, January 13, 2004 |
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The income tax paid by an employee on a subsidised loan provided by their employer is based on the difference between the interest rate actually charged and what is known as the 'official rate' of interest.
At present the official rate is 5% and this will be frozen for the 2004-05 tax year, says the Inland Revenue, subject to review in the event of significant rate changes.
- Employees earning £8,500 a year or more (including the value of benefits) and directors are taxable on benefits received by reason of their employment. Employers are liable for Class 1A National Insurance Contributions.
- An Inland Revenue press release of 25 January 2000 announced that in order to simplify administration for employers and employees they would aim to set the official rate in advance for the whole of the following tax year.
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