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.