Part 10Close companies
Chapter 3Charge to tax in case of loan to participator
Loan treated as made by close company
462Determination of particular questions as a result of section 460
1
This section applies if, as a result of section 460, sections 455 to 459 have effect as if a loan or advance made by C had been made by another company.
2
Any question under those sections whether—
a
the company making the loan or advance did so in the ordinary course of a business carried on by it which includes the lending of money,
b
the loan or advance or part of it has been repaid to the company, or
c
the company has released or written off the whole or part of the debt in respect of the loan or advance,
is to be determined by reference to C.