A loan could not be transmuted into something else merely because it would be discharged by an amount greater or less than the sum originally borrowed. Harvey v Williams 1995 STC 329
The definition of a ‘loan’ covered an advance of salary repayable by instalment. Williams v Todd 1988 STC 676
Misappropriation of funds by a director was not a ‘loan’. Stephens v T Pittas Ltd 1983 STC 576
