Official rate reduction

Chesterman, Karen; Hamlyn, Binder
July 1996
Accountancy;Jul96, Vol. 118 Issue 1235, p86
Trade Publication
The article reports on the reduction of interest rates in Great Britain. From June 6, 1996, the official rate of interest is reduced from 7.25% to 7%. The official rate is used to calculate the benefit of low-interest or interest -free loans made to directors or employees earning 8,500 pounds a year or more, including the gross expenses and the value of benefits in kind.


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