362 Repayment of loan capital during 5 year period
Income Tax Act 2007 (2007 c 3) | Legislation

Repayment of loans

362  Repayment of loan capital during 5 year period

(1)     If the investment consists of a loan and—

(a)     the average capital balance of the loan for the third, fourth or final year of the 5 year period is less than the permitted balance for the year in question, and

(b)     the difference between those balances is not an amount of insignificant value,

any CITR attributable to the investment in respect of any tax year must be withdrawn.

(2)     For the purposes

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax

LEXISNEXIS

Acknowledgment of service

Acknowledgment of serviceThis Practice Note explains when an acknowledgment of service is required (CPR 10) and the consequences of a failure to file an acknowledgment of service. It identifies the correct form to use, what information must be included and who must to sign the form. The different

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited