Tax on Having Loan Written Off
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  1. #1

    Nervous Newbie


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    Default Tax on Having Loan Written Off

    I was in a loan scheme for 15/16 and returned my self assessment declaring the loans as income. I have paid the tax owed on this loan (not a big sum - I was with the scheme for only a few months).

    I have researched and my 'loan' provider was a limited company not a trust. Does this mean i am immune to inheritance tax? Also, if my 'loan' is written off by a private limited company, are there any tax implications for this (considering I have already declared the loan as income on my self assessment)?

    Thanks,

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    Hi, any update on this case? Have you find a way of protecting yourself from the umbrella coming back in 20 years demanding the loan repayment? Btw was it bedouin?

  3. #3
    eek
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    bored now

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    Quote Originally Posted by Nfelss View Post
    Hi, any update on this case? Have you find a way of protecting yourself from the umbrella scheme owners coming back in 20 years demanding the loan repayment? Btw was it bedouin?
    FTFY as it was not an umbrella company and the OP doesn't refer to his scheme as one....
    merely at clientco for the entertainment

  4. #4

    TripleIronDad

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    If you are bothered, join BigGroup.

    I think the chances of loan repayment being asked for are minimal.
    If computers have no doors or fences, who needs Windows and Gates?

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    Thanks guys. I'm considering joining BG as the 2019 is on the horizon and the Rangers case seems to give some hope. Anyways, if anyone reading this considers joining any scheme - don't. One of the biggest mistakes of my life...

  6. #6

    Contractor Among Contractors


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    Quote Originally Posted by Nfelss View Post
    Thanks guys. I'm considering joining BG as the 2019 is on the horizon and the Rangers case seems to give some hope. Anyways, if anyone reading this considers joining any scheme - don't. One of the biggest mistakes of my life...
    Just be aware that Big Group opt in for its resolution plan is 8th December 2017.

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