SCHEDULES

SCHEDULE 30Close companies

PART 2Other amendments

Income Tax (Trading and Other Income) Act 2005

14

1

In section 417 of ITTOIA 2005 (person liable for charge on release of loan or advance), for subsection (1) substitute—

1

The person liable for any tax charged under this Chapter is—

a

in the case of a loan or advance made to a partnership, any partner who is an individual, and

b

in any other case, the person to whom the loan or advance was made.

1A

If more than one person is liable in a case within subsection (1)(a), the liability is to be apportioned between them in a just and reasonable manner.

2

The amendment made by this paragraph has effect in relation to loans or advances made on or after 20 March 2013.