Close companies: general: special provisions
If a company is a close company, the special provisions that apply are as below.
- Provisions affecting the computation of profits chargeable to CT (CTM60520).
- Provisions affecting the definition of distributions and, so, prior to 6 April 1999, the amounts on which the company had to account for tax under CTA2010/S1136 (formerly ICTA88/S14) and ICTA88/SCH13 (CTM60500 onwards).
- Provisions charging tax (‘as if it were an amount of CT’) in respect of certain loans made by the company (CTM61500 onwards).
- provisions imposing certain restrictions on close investment-holding companies (CTM60700 onwards).