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Finance Act 2003
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Deemed surrender of certain loans
9(1)Section 548(1) of the Taxes Act 1988 is amended as follows.
(2)In paragraph (a) (condition that gain would be treated under section 547 as part of an individual’s total income or income of a company) after “income of a company” insert “or of any trustees”.
(3)In paragraph (c) (condition that sum is lent to, or at the direction of, the individual or company by, or by arrangement with, the body issuing etc the policy or contract) after “company” insert “or those trustees”.
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