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Income Tax (Earnings and Pensions) Act 2003 section 175A
Optional remuneration arrangements: "relevant amount" and "modified cash equivalent"
Section 175A defines how to calculate the "relevant amount" and the "modified cash equivalent" when an employee receives a cheap or interest-free loan as part of an optional remuneration arrangement — that is, where the employee has given up salary or another benefit in exchange for the loan.
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