Section 639 Loans to participators in close companies
(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.
Notes on Chapter 5
Textual amendments
- F1
Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)