What are the Rates for BIK on Preferential Loans for 2009?

[Towger]

What are the Rates for BIK on Preferential Loans for 2009?

Tax Briefing Sept 09/ Issue 77 and Revenues (online) Guide to BIK have 5% and 12.5%.

Yet the has 5.5% and 15%.

Increase in the specified rates for preferential home loans and other loans
An employee in receipt of a preferential loan is charged income tax on the difference between the interest actually paid and the amount which would have been payable at the “specified” rates of interest for the loans. To reflect changes in interest rates, the specified rate in respect of loans (other than home loans which remain at 5.5%) is being increased from 13% to 15% from 1 January 2009.

 

[Graham_07]

The Irish Taxation Institute Summary on both their historic chart and the detailed section gives the rates as 5.5% and 15%. Their summary on historic rates never showed a 12.5% rate.

 

[Towger]

Can we assume that the Irish Taxation Institute know more about tax than Revenue?

 

[Graham_07]

Can we assume that the Irish Taxation Institute know more about tax than Revenue?

Hmmm. I do keep their "bible" on the desk all the time, that being said, errors can occur so maybe a quick call to Revenue to confirm? Sorry, I shouldn't have said quick, certainly by the time you listen to their lovely music on hold.