Part 4Savings and investment income
Chapter 6Release of loan to participator in close company
416Income charged
(1)
Tax is charged under this Chapter on the F1... amount of the debt released or written off in the tax year.
F2(2)
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(3)
For the purposes of calculating the total income of the person liable for the tax, the amount charged is treated as income.
(4)
This section is subject to section 418 (relief where borrowers liable as settlors).