Part 5Loan Relationships
Chapter 3The credits and debits to be brought into account: general
Rules differing from generally accepted accounting practice
F1321ARestriction on debits resulting from release of loans to participators etc
(1)
This section applies if—
(a)
a loan gives rise to a charge to tax under section 455 of CTA 2010 (including a charge by virtue of section 459 or 460 of that Act), and
(b)
the whole or a part of the debt in respect of the loan is released or written off.
(2)
No debit is to be brought into account for the purposes of this Part in respect of the release or writing off.