Related Commentary  Related HMRC Manuals

178  A loan is not a taxable cheap loan in relation to a particular tax year if, assuming interest is paid on the loan for that year (whether or not it is in fact paid), the whole of that interest–

(a)is eligible for relief under section 353 of ICTA or section 383 of ITA 2007 (relief for interest payments),

(b)would be eligible for relief under section 353 of ICTA but for the fact that it is a payment of relevant loan interest to which section 369 of ICTA applies (mortgage interest payable under deduction of tax),

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