Section 23B | Meaning of “relevant benefit”

(1)The following provisions apply for the purposes of this group of sections.

(2)“Relevant benefit” means any payment (including a payment by way of a loan), a transfer of money's worth, or any other benefit.

(3)The assumption of a liability of T by another person is to be treated as the provision of a relevant benefit to T.

(4)The assumption, by a person other than T, of a liability of a person (“C”) who is or has been connected with T, is to be treated as the provision of a relevant benefit to C.

(5)“Loan” includes—

(a)any form of credit;

(b)a payment that is purported to be made by way of a loan.