# Income and Corporation Taxes Act 1988, Paragraph 1

Extent: E+W+S+N.I.

(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.
(2) A loan made by his employer.
(3) A loan made by a company—
(a) over which his employer had control;
(b) by which his employer (being a company) was controlled; or
(c) which was controlled by a person by whom his employer (being a company) was controlled.
(4) A loan made in any case where—
(a) his employer was, or had control over, or was controlled by, a close company; and
(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.
(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.

---
Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/7/paragraph/1 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-7/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.