| Source: | All England Reporter |
| Publisher Citation: | [1999] All ER (D) 50 |
| Court: | Chancery Division |
| Judge: | Lindsay J |
| Representation | Christopher Tidmarsh (instructed by the Solicitor of Inland Revenue) for the Revenue. |
| David Milne QC (instructed by Nationwide Building Society) for the taxpayers. | |
| Judgment Dates: | 22 January 1999 |
Catchwords
Emoluments from office or employment - Benefit to director or higher paid employee - Cash equivalent of benefit - Beneficial loan - Loan to employee of building society at reduced rate of interest on first £30,000 - Loan subsequently transferred to fixed rate scheme available to general public - Interest rate under fixed rate scheme lower than official rate of interest - Whether cash equivalent of benefit represented by difference between official rate and rate payable under fixed rate scheme not to be treated as emolument of employment - Whether statutory reference to time when loan made apt to apply to time when loan varied - ,
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