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Tax on beneficial loans
Keiffy1964
Posts: 3 Newbie
in Cutting tax
My wife works for a bank and we took out a staff mortgage last year at bank base rate. She seems to be being taxed quite heavily on the benefits of this loan although rates are very low. I understand that the amount of benefit is calculated by using a rate decided by the Inland Revenue. It seems that this rate is currently 4.75%. Is this right? And does anyone know whether this is likely to be reviewed in the near future? A rate of 4.75% seems excessive when the BBR has been 0.5% for about 6 months or so.:mad:
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Comments
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The rate is correct - only the Chancellor can tell you whether this is going to change.£705,000 raised by client groups in the past 18 mths :beer:0
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OK thanks - I'll drop him an e-mail!;)0
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