16 Election for loan charge to be split over three tax years
Finance Act 2020 (2020 c 14) | Legislation

16  Election for loan charge to be split over three tax years

(1)     Schedule 11 to F(No 2)A 2017 (employment income provided through third parties: loans etc outstanding on 5 April 2019) is amended as follows.

(2)     In paragraph 1 (person to be treated as taking a relevant step for the purposes of Part 7A of ITEPA 2003 by reason of making loan or quasi-loan)—

(a)     after sub-paragraph (6) insert—

“(6A)     Sub-paragraph (4) is subject to paragraph 1A(5).”, and

(b)     in sub-paragraph (7)—

(i)     in the words before paragraph (a) after “paragraph” insert “and paragraph 1A”, and

(ii)     in paragraph (a) for “the following provisions of this Schedule” substitute “paragraphs 3 to 18”.

(3)     After paragraph 1 insert—

“1A

(1)     This paragraph applies where—

(a)     a person (“P”) is treated as taking a relevant step within paragraph 1 (“the initial step”) by reason of making a loan or quasi-loan, and

(b)     an election has been made by A for the purposes of this paragraph.

(2)     P is treated as taking two further relevant steps for the purposes of Part 7A of ITEPA 2003.

(3)     P is treated as taking one of the further steps on

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