CTM61790 - Close Companies: loans to participators: assessments

TMA70/S109 applies all the rules in the Corporation Tax Acts to ICTA88/S419. This includes the rules on assessing, collecting, rights of appeal, administration, penalties and interest with any necessary modifications.

For accounting periods ending on or before 30 September 1993, you would normally make an assessment under ICTA88/S419 not later than six years after the end of the accounting period in which the company makes the loan or advance.

For assessments for accounting periods ended after 30 September 1993 but on or before 30 June 1999, see CTM98250 onwards (CTPF procedures).

If you need to make extended time limit assessments for periods ended up to 30 June 1999 see EM3285. You should keep under review all open cases to which ICTA88/S419 may apply to ensure that any protective assessments that may be needed are made within the time limits.

For accounting periods ended on or after 1 July 1999, see CTM98200 onwards (CTSA rules).

There is guidance on the late payment interest rules at CTM98260 (CTPF) and CTM98240 (CTSA) and repayment interest rules at CTM98265 (CTPF) and CTM98245 (CTSA).