Are undrawn profits a "loan" for s455 purposes?
following on from a recent post along the same lines.
Corporate partner is allocated a share of revenue profits but doesn't receive them in cash terms. This current account with the partnership is shown in the company accounts as a debtor. The cash is annual drawn down by the individual partner, who controls the company.
The partnership is not a genuine scottish partnership therefore this http://www.hmrc.gov.uk/manuals/ctmanual/CTM61515.htm wont apply..
Q, would s455 apply?
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