Where a Building Society employee had a loan on favourable terms unavailable to the public, but switched to a mortgage on a publicly available fixed rate, the new arrangement was not a new loan as such, and did not qualify for tax exemption.
Citations:
Times 09-Feb-1999
Statutes:
Income and Corporation Taxes Act 1988 161(1A)
Jurisdiction:
England and Wales
Income Tax
Updated: 04 June 2022; Ref: scu.90386