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Do you have to pay tax on loans you are never expected to pay back?

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    Do you have to pay tax on loans you are never expected to pay back?

    So as expected the autumn budget contained a huge bung to keep house prices unaffordable.

    if you are too lazy to work and therefore can’t pay your mortgage, the government will guarantee a loan for you with a real interest rate of around -9%. Of course this massive windfall is tax-free.

    When you sell the house, if you surprisingly can’t pay off the loan (cos you are too lazy to work, duh), the government just forgives the loan and some sucker renters cover the loss by paying the highest taxes in seventy years.

    Now I’ve heard some of you contractors out there have experience of these loans-you-are-never-expected-to-pay-back shenanigans.

    So is it all kosher to have some scheme where you get loans but are not expected to pay them back, or could it cause some trouble down the line?

    #2
    Originally posted by hugebrain View Post
    if you are too lazy to work and therefore can’t pay your mortgage, the government will guarantee a loan for you with a real interest rate of around -9%. Of course this massive windfall is tax-free.
    Perhaps you could edit to ask an actual question, not a passive-aggressive rant.
    Originally posted by MaryPoppins
    I'd still not breastfeed a nazi
    Originally posted by vetran
    Urine is quite nourishing

    Comment


      #3
      Originally posted by d000hg View Post
      Perhaps you could edit to ask an actual question, not a passive-aggressive rant.
      Do you have to pay tax if money is paid to you as a loan, but is never expected to be paid back?

      (With perhaps a subtext of why is the government doing something this monumentally stupid when they are supposed to be short of money.)

      Comment


        #4
        Your question should be: why have we got a monumentally stupid government?
        The answer being: Because monumentally stupid people vote for them.

        With regard to loans, tax, etc, etc, 2/10 for the rant, 0/10 for content.
        …Maybe we ain’t that young anymore

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          #5
          Loans… been done to death - no tax now does not mean no tax in the future!

          Comment


            #6
            Why not take the loan and find out later?
            First Law of Contracting: Only the strong survive

            Comment


              #7
              Originally posted by WTFH View Post
              Your question should be: why have we got a monumentally stupid government?
              The answer being: Because monumentally stupid people vote for them.

              With regard to loans, tax, etc, etc, 2/10 for the rant, 0/10 for content.
              To be fair, the people who voted voted for “anyone but Rishi”. So you can’t really pin this on them.

              Comment


                #8
                Originally posted by hugebrain View Post

                To be fair, the people who voted voted for “anyone but Rishi”. So you can’t really pin this on them.
                No they voted for his predecessor who helped caused the big f*** up
                "You’re just a bad memory who doesn’t know when to go away" JR

                Comment


                  #9
                  Originally posted by _V_ View Post
                  Why not take the loan and find out later?
                  You have to have less than 16,000 in savings to get this particular “loan”. So I’d have to buy quite a few Lambos before I would qualify.

                  I’m more worried about having to pay off everybody else’s.

                  Also it might make my second homes and buy-to-let properties more expensive.

                  Comment


                    #10
                    Originally posted by hugebrain View Post

                    You have to have less than 16,000 in savings to get this particular “loan”. So I’d have to buy quite a few Lambos before I would qualify.

                    I’m more worried about having to pay off everybody else’s.

                    Also it might make my second homes and buy-to-let properties more expensive.
                    If I weren't paying all these lazy ****ers to have food on the table and have some heating on, I too might have more Lambos and holiday homes in the Seychelles.
                    First Law of Contracting: Only the strong survive

                    Comment

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