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Finance Act 2013

New Chapter 3B: Treatment of certain repayments and return payments

16.Paragraph 6 inserts the new Chapter 3B into Part 10 of CTA10.

17.Under section 458 CTA10 and the new section 464B, relief is available to a close company if the loan or amount of the benefit is repaid to the close company. Chapter 3B dictates the treatment of certain repayments where the amounts cannot be described as genuine or enduring repayments.

Section 464C introduces two rules which, if either applies, treat the affected repayment as being made in respect of a matched chargeable payment:

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