473. Charge to corporation tax in case of loans to participators.

Where a close company1, makes a loan2 or advances money to:

  1.  

    (1)     a relevant person3 who is a participator4 in the company or an associate5 of such a participator;

  2.  

    (2)     the trustees of a settlement6 one or more of the trustees or actual or potential beneficiaries of which is a participator in the company or an associate of such a participator; or

  3.  

    (3)     a limited liability partnership or other partnership one or more of the partners in which is an individual who is either a participator in the company or an associate of an individual who is such a