http://www.legislation.gov.uk/ukpga/2010/4/section/463Corporation Tax Act 2010An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.texttext/xmlenStatute Law Database2026-05-20Expert Participation2026-03-18 Corporation Tax Act 2010s. 658(1)(d)(e)Finance Act 2010Sch. 6 para. 31Sch. 6 para. 35Corporation Tax Act 2010s. 357CHAFinance Act 2024Sch. 2 para. 14(7)Sch. 2 para. 16(2) Part 10Chapter 34631This section applies if each of conditions A to D is met.2Condition A is that a company (X) is or was chargeable to tax under section 455 (charge to tax in the case of loan to participator) in respect of a loan or advance made to the trustees of a settlement.3Condition B is that X releases or writes off the whole or part of the debt in respect of the loan or advance.4Condition C is that the person from which the debt was due at the time of the release or writing off is a company (Y).5Condition D is that the release or writing off takes place after the settlement has ended.6When the release or writing off takes place, Y is treated as receiving an amount to which the charge to corporation tax on income applies.7The amount which Y is treated as receiving is equal to the amount released or written off.Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1S. 463(7) substituted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 31Pt. 10 Chs. 3-3B applied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 37