EIM26116 - The benefits code: beneficial loans: loans released or written off

Sections 62 and 188(1) ITEPA 2003

The release or writing off of any loan to an employee may be chargeable to tax (see EIM01490 and EIM21740 to EIM21747). It does not matter:

• for what purpose the loan was applied or
• whether it was a cheap or interest-free loan

Consult the guidance at EIM01490 and EIM21740 to EIM21747 in relation to all loans written off.