TCGA92/Sch4B - Application of proceeds of borrowing for normal trust purposes
TCGA92/Sch4B/para6 sets out the only three circumstances in which the proceeds of borrowing, CG39135, are treated as applied for normal trust purposes. They are that the borrowing is applied to:
- acquire ordinary trust assets, CG39150
- discharge loan obligations, CG39170
- meet ordinary current trust expenses, CG39175.