CG39145 - TCGA92/Sch4B - Application of proceeds of borrowing for normal trust purposes

TCGA92/Sch4B/para6

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.