Section 464 — Corporation Tax Act 2010: Section 463: other person treated as releasing or writing off debt

Section 463: other person treated as releasing or writing off debt 464 1 This section applies if sections 455 to 459 have effect under section 460 (loan treated as made by close company) as if a loan or advance had been made by a company (“A”), rather than the company (“B”) which—

a actually made it, b is regarded as having made it under section 455(4) (deemed loan where debt incurred or assigned to close company), or c would be so regarded if it were a close company.

2 If the whole or part of the debt is released or written off by B, A rather than B is treated, for the purposes of section 463, as releasing it or writing it off.