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.