Introduction Part 2 of Section 79: Other Amendments
29.The Taxes Management Act 1970 (TMA70) is amended to ensure provisions which apply under this Act to the un-amended Chapter 3 also apply to the amendments and new Chapters introduced by this Schedule. The Finance Act 1998 (FA98) is amended at Schedule 18 to include the charge under section 464A in provisions which currently apply to the section 455 tax charge and to include amendments to the penalty provisions to take account of the new restrictions on relief. The amendments to the TMA70 and FA98 are treated as having come into force on 20 March 2013.
30.The Income Tax (Trading and Other Income) Act 2005 is amended so that if a relevant loan which was made to an LLP or partnership is released or written off, the person liable to income tax under section 417 of that Act is any partner who is an individual. If there is more than one individual, the liability is apportioned between the partners who are individuals on a just and reasonable basis.
31.The amendments under paragraph 14 have effect for loans or advance made on or after 20 March 2013.