This is the original version (as it was originally enacted).
3(1)In section 455 (charge to tax in case of loan to participator), for subsection (1) substitute—
“(1)This section applies if a close company makes a loan or advances money to—
(a)a relevant person who is a participator in the company or an associate of such a participator,
(b)the trustees of a settlement one or more of the trustees or actual or potential beneficiaries of which is a participator in the company or an associate of such a participator, or
(c)a limited liability partnership or other partnership one or more of the partners in which is an individual who is—
(i)a participator in the company, or
(ii)an associate of an individual who is such a participator.”
(2)The amendment made by this paragraph has effect in relation to a loan or advance made on or after 20 March 2013.
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