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Help needed - employee travel loans!
Comments
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a season ticket loan is not a special class , it is treated the same as any other loan made by the employer to the employee
the loan is free of tax provided the total of it plus all and any other loans made to an employee earning more than 8,500 per year remains below £5,000 where the loan is either interest free or at an interest rate below the offical rate
tax free season ticket loans are quite a common benefit for many workers, especially in London
As !!!!!! so correctly linked to in the first reponse above the rules are clearly explained on the HMRC website starting form the section headed "You provide a loan so an employee can buy a season ticket" and follwoing through to the other links accordingly :
http://www.hmrc.gov.uk/paye/exb/a-z/p/public-transport.htm0 -
Thanks for all the replies guys. I had a telephone interview with HR the other day and they confirmed the travel loan will be tax free.
Received another phone call this morning offering me the job so away I go!0
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