Adam has the following four loans from his employer: (a) A 96,000 loan at interest of 1%
Question:
Adam has the following four loans from his employer:
(a) A £96,000 loan at interest of 1% p.a. to enable Adam to buy his own home.
(b) An interest-free season ticket loan of £10,000.
(c) A £15,000 personal loan at interest of 1.75% p.a.
(d) A £4,000 loan to buy equipment for use in his employment.
The full amount of each loan was outstanding at 6 April 2020 and no repayments were made during 2020-21. Calculate Adam's taxable benefit in 2020-21 (assuming an official rate of interest of 2.25% per annum).
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The 4000 loan is a qualifying l...View the full answer
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