Related Commentary  Related CasesRelated HMRC Manuals

415(1)  Income tax is charged if–

(a)a company is or was chargeable to tax under section 455 of CTA 2010 (loans to participators in close companies etc.) in respect of a loan or advance, and

(b)the company releases or writes off the whole or part of the debt in respect of the loan or advance.

415(2)  Subsection (1) is subject to section 418 (relief where borrowers liable as settlors).

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