CG66020 - Losses: loans to traders: payments under guarantee: claims

A claim for relief under TCGA92/S253 (4) must be made by the guarantor; in practice, any clear indication by the guarantor or his agent that relief is sought in respect of a specific payment should be accepted as a valid notice of claim. On receipt of the claim you will need to check whether the conditions at CG65991 - CG65993 are met by reference to the circumstances prevailing at the time the guarantee payment was made. If they are,

• an allowable loss will accrue to the guarantor who made the payment
• at the date of payment
• in an amount equal to the payment made LESS any contributions payable to the claimant by co-guarantors, see CG66030 - CG66032.