We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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:
0
Comments
-
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
-
OK thanks - I'll drop him an e-mail!;)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards