Part 1 Amendments of Part 10 of CTA 2010
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 30 Close Companies

Section 79

Part 1 Amendments of Part 10 of CTA 2010

1

Part 10 of CTA 2010 (close companies) is amended as follows.

2

(1)     In section 438 (overview), after subsection (2) insert—

“(2A)     Chapter 3A imposes a charge to tax in connection with other arrangements involving close companies and participators.

(2B)     Chapter 3B makes provision about the treatment of certain repayments and return payments made in respect of loans, advances and other arrangements.â€

(2)     The amendment made by this paragraph is treated as having come into force on 20 March 2013.

3

(1)     In section 455 (charge to tax in case of loan to participator), for subsection (1) substitute—

“(1)     This section applies if a close company makes a loan or advances money to—

(a)     a relevant person who is a participator in the company or an associate of such a participator,

(b)     the trustees of a settlement one or more of the trustees or actual or potential beneficiaries of which is a participator in the company or an associate of such a participator, or

(c)     a limited liability partnership or other partnership one or more of the partners in which is an individual who

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