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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Trustees' payments: further provisions

  • Section 638 Capital sums paid by way of loan or repayment of loan
  • Section 639 Loans to participators in close companies
  • Section 640 Grossing-up of deemed income
  1. Trustees' payments: further provisions
  2. Loans to participators in close companies

Section 639 | Loans to participators in close companies

From legislation.gov.uk

(1)This section applies if any amount has been included in a person's income under Chapter 6 of Part 4 (release of loan to participator in close company) in respect of any loan or advance.

(2)There is a corresponding reduction in the amount (if any) afterwards falling to be so included under section 633 in respect of the loan or advance.

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