Schedules
SCHEDULE 2Transitionals and savings etc
Part 11Close companies
Exceptions to the charge under section 455
69
1
The reference in section 456(4)(b) to other outstanding loans and advances does not include a loan or advance made before 31 March 1971 unless it was made for the purpose of purchasing a dwelling which was or was to be the borrower's only or main residence.
2
Condition A in section 456(4) is not to be treated as met if such of the other outstanding loans and advances within section 456(4)(b) as were made before 31 March 1971 together exceed £10,000.
3
The reference in section 456(7) to a loan or advance does not include one made before 31 March 1971.