Corporation Tax Act 2010 section 464ZB

Section 464ZA: supplementary

Section 464ZB provides the administrative and compliance requirements that support the rules in section 464ZA on repayments of loans made by close companies to participators.

• HMRC must make all necessary assessments and adjustments to give effect to the rules in section 464ZA on the treatment of certain repayments of loans by close companies to participators.
• If a person discovers that a tax return already filed has become incorrect because of the operation of section 464ZA, they must notify HMRC of how the return needs to be amended.
• The notification to HMRC must be given within 3 months of the person becoming aware that the return has become incorrect due to the operation of section 464ZA.
• A "chargeable payment" for the purposes of section 464ZA means a loan or advance made by a close company that gives rise to a tax charge under section 455.

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