# Finance Act 2013, Paragraph 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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Source: https://www.legislation.gov.uk/ukpga/2013/29/schedule/30/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2013/schedule-30/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.