Taxable benefit – beneficial loan

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August 24, 2021 at 2:22 pm #632748
jszerena
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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
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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.”
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