C1Part 10Close companies

Annotations:
Modifications etc. (not altering text)
C1

Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1

C2Chapter 3Charge to tax in case of loan to participator

Annotations:
Modifications etc. (not altering text)

Loan treated as made by close company

462Determination 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.