LSAP and the tax man

i recently received a notice from the tax man telling me that my tax code has been reduced due to the fact that i have obtained LSAP. the reason is because it is a empolyer loan which is offered at a lower than normal interest rate? i got the full £8500. They tell me this now, 2 years after receiving the money!!! is this correct?? any advice is appreiciated :(
Had this discussion in the office a few months back. One of the lads had successfully claimed some tax back because the Inland Revenue failed to change his tax code when the LSAP sum went under £5000.

Something to do with companies allowing offering employees loans ,anything under £5000 grand incurs less tax or interest.

Don’t quote me on this, im a numpty.
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