Part 10

Close companies
Chapter 3

Charge to tax in case of loan to participator

Taxation of debtor on release of loan to trustees of settlement which has ended

Section 463: other person treated as releasing or writing off debt
464
1
This section applies if sections 455 to 459 have effect under section 460 (loan treated as made by close company) as if a loan or advance had been made by a company (“A”), rather than the company (“B”) which—
a
actually made it,
b
is regarded as having made it under section 455(4) (deemed loan where debt incurred or assigned to close company), or
c
would be so regarded if it were a close company.
2
If the whole or part of the debt is released or written off by B, A rather than B is treated, for the purposes of section 463, as releasing it or writing it off.
Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1
Pt. 10 Chs. 3-3B applied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 37