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Corporation Tax Act 2010
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Changes over time for: Section 459
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- 01/04/2010- Amendment
- 20/03/2013- Amendment
- 01/01/2014
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Corporation Tax Act 2010, Section 459 is up to date with all changes known to be in force on or before 20 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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459Loan treated as made to participatorU.K.
This section has no associated Explanatory Notes
(1)This section applies if under arrangements made by a person (P)—
(a)a close company makes a loan or advance which, apart from this section, does not give rise to a charge to tax under section 455, and
(b)a person other than the close company makes a payment or transfers property to, or releases or satisfies (in whole or in part) a liability of, a relevant person who is a participator in the company or an associate of such a participator.
(2)Sections 455 to 458 [F1and 464C and 464D] apply as if the loan or advance had been made to the relevant person.
(3)But this section does not apply if—
(a)the arrangements mentioned in subsection (1) are made by P in the ordinary course of a business carried on by P, or
(b)the total income of the relevant person includes, in respect of the matter mentioned in subsection (1)(b), an amount not less than the loan or advance.
(4)If a company (C) controls another company (D), a participator in C is to be treated for the purposes of this section as being also a participator in D.
Textual Amendments
F1Words in s. 459(2) inserted (retrospective to 20.3.2013) by Finance Act 2013 (c. 29), Sch. 30 para. 4(1)(2)
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