Part I Income Tax, Corporation Tax and Capital Gains Tax
Chapter V Taxes Management Provisions
Miscellaneous
C191 Close companies: loans to participators.
1
In section 109 of the Management Act (close companies: loans to participators) subsection (2) shall be omitted.
2
3
After subsection (3) of that section there shall be inserted the following subsection—
3A
If there is such a repayment of the whole or any part of a loan or advance as is referred to in subsection F1(4) of section F1419 of the principal Act, interest under section 87A of this Act on so much of the tax under the said section F1419 as is referable to the amount repaid shall not be payable in respect of any period after the date on which the repayment was made.
4
This section has effect with respect to loans or advances made (or treated as made) in any accounting period ending after the appointed day.