Revenue's kinder cut

Saturday 24 October 1992 00:02 BST

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THE INLAND REVENUE is reducing the official loan rate on which it calculates the benefit in kind received by employees on cheap loans by their employers.

The rate will fall from 10.5 to 9.75 per cent. The benefit is calculated as the difference in interest actually paid and what would be paid at the official rate.

Those earning less than pounds 8,500 are not subject to the tax.

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