Pencils in a Line CMYK

The official rate of interest is set to fall for the first time in four years from 4% to 3.25%, with this rate applying from 6 April 2014.

The official rate of interest is used to calculate certain benefits in kind to employees, such as “interest free” loans or the provision of living accommodation.

This is welcome news and will reduce loan benefit charges further from April when the employee loan limits increase from £5,000 to £10,000 before the benefit charge even kicks in.

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