TCGA92/Sch4B - transfer of value linked with trustee borrowing
A transfer of value is linked with trustee borrowing if there is outstanding trustee borrowing at the material time, CG39125.
There is outstanding trustee borrowing if:
- a loan obligation, CG39130, is outstanding, and
there are proceeds of trustee borrowing, CG39135, that have not been
- applied for normal trust purposes, CG39145, or
- been taken into account in relation to an earlier transfer of value.
The amount taken into account in relation to an earlier transfer of value is the lower of:
- the amount of the value transferred, or
- the amount of the outstanding trustee borrowing at the material time in relation to the earlier transfer.