Losses: relief for loans to traders
Under certain circumstances a loss may be claimed
- where money lent to a person carrying on a trade, profession or vocation and used wholly for the purposes of that person’s business has become irrecoverable, or
- where payment has been made under a guarantee in respect of such a loan.
Relief is not available under S253(3) if the borrower’s debt is a debt on a security, see CG53420+.