EIM47186 - Finance (No 2) Act 2017: part 3A: 2019 loan charge reporting requirement: para 35A(3): duty to provide loan charge information: loan charge relevant step: approved fixed term loans

The second condition applies if a person (Q) has made a loan to an employee and it has been agreed that the loan is an approved fixed term loan (see EIM47110 et seq) on 5 April 2019.

The effect of an agreement that a loan is an approved fixed term loan is to alter the date on which the loan charge relevant step is treated as being taken. This becomes known as the approved repayment date. For the purpose of the loan charge reporting requirement, that date is treated as if it were 5 April 2019.

If the person who made the loan would be treated as taking a relevant step for the purposes of the loan charge on that date and the employee is still alive either on 30 September 2019 or the actual approved repayment date if earlier, the employee will be required to provide loan charge information to HMRC.