Example 1

Company A makes a loan to a participator in the accounting period ended 31 December 2000 and submits its return including the liability under CTA10/S455 on 30 June 2001.

The participator repays the loan on 30 September 2001 (earlier than nine months and one day after the end of the accounting period in which it was made).

As the company is still in time to amend its return for the accounting period ending 31 December 2000 (time limit 31 December 2002) it gives effect to the claim by amending its the return.

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