Corporation Tax Act 2010 section 462

Determination of particular questions as a result of section 460

Section 462 clarifies that when a loan or advance made by a company (called "C") is treated under section 460 as if it had been made by a different company, certain key factual questions must still be answered by looking at company C rather than the deemed lending company.

• Where section 460 re-attributes a loan from company C to another company, questions arising under sections 455 to 459 are determined by reference to company C's actual circumstances
• Whether the loan was made in the ordinary course of a money-lending business is judged by looking at company C's business activities, not those of the deemed lender
• Whether the loan or any part of it has been repaid is assessed by reference to repayments made to company C
• Whether the debt has been released or written off, in whole or in part, is determined by looking at company C's actions regarding that debt

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