Paragraph 46

In section 184 (interest treated as paid), in subsection (1), for the words from “the cash equivalent” to the end substitute

“—

(a)

the cash equivalent of the benefit of a taxable cheap loan is treated as earnings from an employee's employment for a tax year under section 175(1), or

(b)

the relevant amount in respect of the benefit of a taxable cheap loan is treated as earnings from an employee's employment for a tax year under section 175(1A).”