Income Tax (Trading and Other Income) Act 2005 section 418

Relief where borrowers liable as settlors

Section 418 provides relief from double taxation where a borrower who is also a settlor has already been taxed under the settlements legislation (section 633) on sums relating to a loan or advance from settlement trustees, so that the same amount is not taxed again when the loan is released or written off.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.