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Income Tax (Earnings and Pensions) Act 2003

Section 190: Exclusion of charge after death of employee

741.This section provides a general exemption from the provisions of the Chapter if the employee dies. It derives from section 161 of ICTA.

742.Subsection (1) removes the charge on a taxable cheap loan for the period from the date of death where the employee has died but the loan is not repaid. It provides that the loan is treated as no longer outstanding as from the date of death for the purposes of calculating the cash equivalent. This change in approach is described more fully in Note 20 in Annex 2.

743.Subsection (2) removes the charge if the loan is released or written off on or after the death of the employee.

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