Section 419 - Loans to participators
A participator has an overdrawn loan account at the company year end. Within nine months this entire loan is repaid, but it is replaced by a new series of transactions creating a new overdrawn balance.
Is the original loan treated as being repaid and thus 419 relief is due when the CT return is filed? Or is the maximum relief available restricted to the new overdrawn balance?
Comments gratefully received!
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