Related Commentary  Related HMRC Manuals

183(1)  The alternative method of calculating for the purposes of this Chapter the amount of interest that would be payable on a loan for a tax year at the official rate applies for a tax year–

(a)if an officer of Revenue and Customs so requires, by notice to the employee, or

(b)if the employee so elects, by notice to an officer of Revenue and Customs.

183(2)  Notice may be given on or before the first anniversary of the normal self-assessment filing date for the tax year in relation to which the question arises whether the loan is a taxable cheap loan.

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