New legislation – close company loans

As part of his Budget on 20 March 2013, Chancellor Osborne announced changes to the rules governing the taxation of company loans to participators. The legislation will prevent certain types of arrangement which seek to avoid the charge to tax arising under S 455 Corporation Tax Act 2012 (CTA 2010). Essentially, the new rules deny relief where repayments and re-withdrawals are made within … Read More