{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-1",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-1.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/7/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) Subject to sub-paragraph (5) below, the benefit of a loan is obtained by reason of a person’s employment if, in relation to that person, it is of a class described in sub-paragraphs (2), (3) or (4) below.\n(2) A loan made by his employer.\n(3) A loan made by a company—\n(a) over which his employer had control;\n(b) by which his employer (being a company) was controlled; or\n(c) which was controlled by a person by whom his employer (being a company) was controlled.\n(4) A loan made in any case where—\n(a) his employer was, or had control over, or was controlled by, a close company; and\n(b) the loan was made by a person having a material interest in that close company or, that company being controlled by another company, in that other company.\n(5) Sub-paragraphs (2) and (4) above do not apply to a loan made by . . . an individual . . . in the normal course of his domestic, family or personal relationships.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 7 para. 1(5) substituted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1994 (c. 9), s. 88(4)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 7 para. 1(5) repealed (with effect in accordance with s. 88(5)(6) of the amending Act) by Finance Act 1994 (c. 9), s. 88(4)(a), Sch. 26 Pt. 5(5), Note"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 7 para. 1(5) repealed (with effect in accordance with s. 134(2) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 20 para. 41, Sch. 41 Pt. 5(10), Note"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Source—1976 Sch.8 1(1)"
    },
    {
      "type": "M",
      "label": "M2",
      "text": "Source—1976 Sch.8 2"
    },
    {
      "type": "M",
      "label": "M3",
      "text": "Source—1976 Sch.8 3"
    },
    {
      "type": "M",
      "label": "M4",
      "text": "Source—1976 Sch.8 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/7/paragraph/1",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}