Source: All England Reporter
Publisher Citation: [1999] All ER (D) 50
Court: Chancery Division

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


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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