
All references in this guidance to the loan charge are to the provisions of Sch 11 Finance (No 2) Act 2017. Where such a charge to tax exists, it will be referred to as the loan charge. If the employer no longer exists on 5 April 2019, the employee will need to include the value of the relevant step in his or her Self Assessment. The employee’s employer in relation to the original loan (“B” in terms of section 554A) will be liable to operate PAYE on the value of the relevant step in accordance with section 687A ITEPA 2003. The amount of the outstanding loan balance on that date becomes an amount which counts as employment income of the employee. The provisions of section 554Z2 apply to the value of the deemed relevant step. The person who made the loan is treated as taking a relevant step for the sum of the outstanding balance at the end of 5 April 2019. The 2017 provisions count the amount of the outstanding balance as employment income of the recipient of the loan. Schedule 11 Finance (No 2) Act 2017 introduced provisions to charge to tax any remuneration which had been provided by a third party in the form of loans which had been made from 9 December 2010 where a balance of such a loan was still outstanding at the end of 5 April 2019. These changes only applied to transactions entered into from 9 December 2010. It also charged disguised remuneration loans to tax where these loans were provided through third parties.

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