Finance Act 2013

11 (1) Section 109 (corporation tax on close company in connection with loans to participators etc) is amended as follows. U.K.

(2) In subsection (1)—

(a) after “459” insert “ and 464A and 464B ”, and

(b) for “by close companies” insert “ or benefits ”.

(3) For subsection (3) substitute—

“(3) For the purposes of section 87A of this Act as applied by subsection (1) above—

(a) the date when tax under section 455 of CTA 2010 became due and payable is that determined in accordance with subsection (3) of that section, and

(b) the date when tax under section 464A of CTA 2010 became due and payable is that determined in accordance with subsection (4) of that section.”

(4) After subsection (3A) insert—

“(3B) If there is a payment which for the purposes of section 464B of CTA 2010 is a return payment in respect of a benefit conferred, interest under section 87A of this Act on so much of the tax under section 464A of CTA 2010 as is referable to the return payment is not payable in respect of any period after the date on which the return payment was made.”

(5) In subsection (4), after “458” insert “ or 464B ”.

(6) In subsection (5), after “459” insert “ or 464A and 464B ”.

(7) In the heading, after “loans” insert “ or benefits ”.