Part 2Trading income
Chapter 2Income taxed as trade profits
F1Trading income provided through third parties
23BMeaning of “relevant benefit”
(1)
The following provisions apply for the purposes of this group of sections.
(2)
“Relevant benefit” means any payment (including a payment by way of a loan), a transfer of money's worth, or any other benefit.
(3)
The assumption of a liability of T by another person is to be treated as the provision of a relevant benefit to T.
(4)
The assumption, by a person other than T, of a liability of a person (“C”) who is or has been connected with T, is to be treated as the provision of a relevant benefit to C.
(5)
“Loan” includes—
(a)
any form of credit;
(b)
a payment that is purported to be made by way of a loan.