On 1 June 2020, Stephen was provided by his employer with an interest-free loan of 20,000. He
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On 1 June 2020, Stephen was provided by his employer with an interest-free loan of £20,000. He repays £5,000 of this loan on 1 January 2021 and repays another £3,000 on 1 March 2021. Compute the taxable benefit in 2020-21 using:
(a) the normal method
(b) the alternative method.
Assume that the official rate of interest is 2.25% per annum. Perform all calculations to the nearest month and to the nearest pound.
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a The amount outstanding at the end of the tax year is 12000 Therefore th...View the full answer
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