Part 10 Close companies

Chapter 3 Charge to tax in case of loan to participator

Loan treated as made by close company

462 Determination of particular questions as a result of section 460
(1) This section applies if, as a result of section 460, sections 455 to 459 have effect as if a loan or advance made by C had been made by another company.
(2) Any question under those sections whether—
(a) the company making the loan or advance did so in the ordinary course of a business carried on by it which includes the lending of money,
(b) the loan or advance or part of it has been repaid to the company, or
(c) the company has released or written off the whole or part of the debt in respect of the loan or advance,
is to be determined by reference to C.
Pt. 10 Chs. 3-3B applied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 37
Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1