Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Taxable benefit – beneficial loan

This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
August 24, 2021 at 2:22 pm #632748
jszerena
Member
- Topics: 6
- Replies: 1
How to apply the average method of calculation if the loan paid back in full during the tax year? The loan outstanding at the end of tax year is zero, isn`t it? So for example a loan of £100,000 the average would be £50,000 this case? What if the loan is paid back twice within a tax year, first some of it secondly in full?
In the revision kit I found more unclear examples for this.
Thank you
August 30, 2021 at 11:27 am #633506
Tax Tutor
Member
- Topics: 2
- Replies: 3965
Look at Study Notes page 61 section (c) where it states –
“If the loan is taken out or paid back during the tax year, that date is used instead of the
beginning or end the tax year.”
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.