Paragraph 27
United Kingdom
Subject to paragraph 25(2), where a loan is made before 6th April 2003, section 188 (loan released or written off: amount treated as earnings) applies with the following modifications.
References to the employment in relation to which a loan is an employment-related loan are to be read, in relation to times before 6th April 2003, as references to the employment referred to in section 174 (employment-related loans) as modified by paragraph 17.
In relation to times before 6th April 2003—
in subsection (2)(c), substitute “an employment to which Chapter 2 of Part 5 of ICTA applies” for F1“not lower-paid employment as a minister of religion”, and
in subsection (3)(a), substitute “ an employment to which Chapter 2 of Part 5 of ICTA does not apply ” for F2“lower-paid employment as a minister of religion”.
Annotations
Textual amendments
- F1
Words in Sch. 7 para. 27(3)(a) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 22(3)(a)
- F2
Words in Sch. 7 para. 27(3)(b) substituted (with effect in accordance with s. 13(4) of the amending Act) by Finance Act 2015 (c. 11), Sch. 1 para. 22(3)(b)