(1) In section 180 of the Income Tax (Earnings and Pensions) Act 2003 (threshold for benefit of a loan to be treated as earnings), in subsections (1)(a) and (b), (2) and (3), for “£5,000” (wherever occurring) substitute “£10,000”.
(2) The amendments made by this Resolution have effect for the tax year 2014-15 and subsequent tax years (and apply to loans made at any time).
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.