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S419
Posted by Anonymous on Fri, 03/07/2009 - 12:12
Does a Directors loan have to be paid within nine months of the accounting period end, or nine months of the corporation tax period end (which are obviously different dates on cessation) to avoid CT being paid under S419.
Many thanks for your thoughts.
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Accounting period
Accounting period but do be careful here - have a look at this:
http://www.hmrc.gov.uk/manuals/ctmanual/CTM61610.htm
the gist of which is that the repayment must take place in an actual accounting period too. There may not be one as such if the co has ceased to trade and has no income.
Yes, but ...
When the CT Manual talks about accounting periods, I think it is talking about corporation tax accounting periods - the ones which end at the earliest of the financial accounting date, 12 months from commencement of the CTAP and the cessation of trading.
Euan MacLennan