CG66030 - Losses: loans to traders: payments by co- guarantors
Where a loan has been guaranteed by a number of persons, and the guarantee is called in by the lender, the amount of relief any person can claim under TCGA92/S253 (4) is the amount he or she has paid less any contributions payable to him or her by the co-guarantors. This will be so whether the lender has approached all of the guarantors for payment, or only some of them. If the guarantor pays more than his or her `shareâ€�, he or she acquires rights to recover the excess from his or her co-guarantors. Subject to the further comments in CG66031 - CG66032, no relief should be given for any such excess amount, see the example at CG66072. »Ê¹ÚÌåÓýappre is no capital gains charge on the guarantor when he or she obtains contributions from co-guarantors which had been taken into account in restricting the guarantor’s claim, see CG66040 - CG66041.