SCHEDULES

SCHEDULE 30Close companies

PART 1Amendments of Part 10 of CTA 2010

3

1

In section 455 (charge to tax in case of loan to participator), for subsection (1) substitute—

1

This section applies if a close company makes a loan or advances money to—

a

a relevant person who is a participator in the company or an associate of such a participator,

b

the trustees of a settlement one or more of the trustees or actual or potential beneficiaries of which is a participator in the company or an associate of such a participator, or

c

a limited liability partnership or other partnership one or more of the partners in which is an individual who is—

i

a participator in the company, or

ii

an associate of an individual who is such a participator.

2

The amendment made by this paragraph has effect in relation to a loan or advance made on or after 20 March 2013.