CTM61650 - Close companies: loans to participators: termination of a trust

In cases where a loan or advance assessable under ICTA88/S419 (CTM61505) was made to trustees and the trust comes to an end before the company releases or writes off the loan etc, take the following action.

The instruction at CTM61630 should be applied to the person from whom the loan or advance is due at the time of the release or writing-off.

You should also report the following information to the tax office of the person from whom the loan or advance was due at the time of the release etc.

• The full names and addresses of the trustees to whom the loan or advance was made and the date the trust came to an end.
• Any information in the tax office about the trust.
• The full name and address of the person from whom the loan or advance was due at the date it was released or written off.
• The date the loan etc was released or written off and the amount released or written off.
• The name of the company which made the loan or advance.