Part 4

Savings and investment income
Chapter 6

Release of loan to participator in close company

Income charged
416
1
Tax is charged under this Chapter on the ... amount of the debt released or written off in the tax year.
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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).
S. 416(2) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 18(b)
Word in s. 416(1) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 18(a)