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Income Tax (Trading and Other Income) Act 2005

Section 419: Loans and advances to persons who die

1700.This section deals with who is liable for any tax charged where the original debtor has died and the loan is released or written off during the administration of the estate, or at some later point. It is based on section 421(2) of ICTA.

1701.If the conditions in subsection (1) are met, subsection (2) confirms that there is no charge under section 415. Instead, the amount that would have been charged under that section is treated as forming part of the aggregate income of the estate and may be charged under Chapter 6 of Part 5 of this Act or section 701(8) of ICTA.

1702.If subsection (2) does not apply,subsection (3) will (so that tax is charged under this Chapter).

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