EIM26212 - The benefits code: beneficial loans: calculation of the cash equivalent: meaning of maximum balance on a day
Section 182 ITEPA 2003
The maximum amount of a loan outstanding on a particular day is the largest amount owing at any time during that day.
Thus if the loan outstanding at the start of the day is 拢5,000 and during the day the employee repays the lender 拢1,000, the maximum outstanding balance on that day is 拢5,000.