I understand that we need to declare outstanding loans by October to HMRC via an online form, I have a few questions specifically regarding foreign ccy loans:
(1) For depreciating ccy loans that have been depreciated and waived before March 2016; is the current professional thinking still that you declare the original Sterling equivalent amounts received and ignore all depreciation? Or are any professionals out there of the opinion that loans depreciated and waived before 2016 need not be declared?
(2) Where interest payments have been made in Sterling against the loans, do these count as "repayments"? The loan charge seems to be a simple difference between GBP received and GBP paid back.
(3) What if some of the interest payments were then loaned back? Do these loan amounts also need reporting?
(1) For depreciating ccy loans that have been depreciated and waived before March 2016; is the current professional thinking still that you declare the original Sterling equivalent amounts received and ignore all depreciation? Or are any professionals out there of the opinion that loans depreciated and waived before 2016 need not be declared?
(2) Where interest payments have been made in Sterling against the loans, do these count as "repayments"? The loan charge seems to be a simple difference between GBP received and GBP paid back.
(3) What if some of the interest payments were then loaned back? Do these loan amounts also need reporting?
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