Finance Act 2010

43Close companies: release of loans to participators etcE+W+S+N.I.

This sectionnoteType=Explanatory Notes has no associated

(1)In CTA 2009, after section 321 insert—

321ARestriction on debits resulting from release of loans to participators etc

(1)This section applies if—

(a)a loan gives rise to a charge to tax under section 455 of CTA 2010 (including a charge by virtue of section 459 or 460 of that Act), and

(b)the whole or a part of the debt in respect of the loan is released or written off.

(2)No debit is to be brought into account for the purposes of this Part in respect of the release or writing off.

(2)The amendment made by subsection (1) has effect in relation to debts (or parts of debts) released or written off on or after 24 March 2010.