# Finance (No. 2) Act 2017, Paragraph 37


(1) Sub-paragraph (2) applies where—
(a) P is treated as taking a relevant step by paragraph 1 by reason of a loan made to a relevant person, and
(b) the loan is an employment-related loan (within the meaning of Chapter 7 of Part 3 of ITEPA 2003).
(2) The effect of section 554Z2(2)(a) of ITEPA 2003 (value of relevant step to count as employment income: application of Part 7A instead of the benefits code) is that the loan is not be treated as a taxable cheap loan for the purposes of Chapter 7 of Part 3 of that Act for—
(a) the tax year in which the relevant step is treated as being taken, and
(b) any subsequent tax year.

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/37 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.