# Income Tax (Earnings and Pensions) Act 2003, Paragraph 25


(1) Chapter 7 of Part 3 applies to a loan made at any time, including one made before 29th July 1976 (the date on which FA 1976 was passed).
(2) But section 188 (loan released or written off: amount treated as earnings) does not apply to benefits received in pursuance of arrangements made at any time with a view to protecting the holder of shares acquired before 6th April 1976 from a fall in their market value.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/7/paragraph/25 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-7/paragraph-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.