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Post Info TOPIC: Beneficial Loans - BIK
Meadowlands


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Beneficial Loans - BIK
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Beneficial loans - am I right in thinking that if you have an interest free loan from work you pay tax on the amount of interest you would have been charged at the HMRC rate of 3.25% at present. So £20k loan you would pay tax on the £650 you should have paid in interest.

Therefore your tax code would be reduced by £650 meaning basic rate taxpayer pays £130 in tax.

Keep being asked this questions by military friends due to the help to buy scheme!



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JRA


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Hello there,

This is not official advice....

The HMRC web pages seems good on this subject, have a look at www.hmrc.gov.uk/manuals/eimanual/eim26253.htm

HTH


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