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Beneficial Loan Rate - 03/03/2009

HMRC have announced a reduction in the beneficial loan rate of interest from 6.25% to 4.75% from 1 March 2009.  This is the rate of interest which is used to calculate the value of the benefit provided to employees where they receive a cheap or interest free loan from their employer.

This loan interest, along with other benefits and expenses provided to employees, should be reported to HMRC on a form P11D.

Please do get in touch if you require help with the completion of these forms which are completed on a tax year basis.

Internet link: HMRC guidance

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