Hi All
I'm new to this forum and not getting very far with my questions from the professionals. I am just about to have my loan written off. Can anyone tell me what tax implications this entails?
I understand a bit of Trust Law and I'm assuming the writing off the loan would be viewed as receiving income or potentially a Lifetime Chargeable Transfer (LCT)? Does anyone have any insight into the implications of me writing off the loan please?
Thank you in advance.
Bear
I'm new to this forum and not getting very far with my questions from the professionals. I am just about to have my loan written off. Can anyone tell me what tax implications this entails?
I understand a bit of Trust Law and I'm assuming the writing off the loan would be viewed as receiving income or potentially a Lifetime Chargeable Transfer (LCT)? Does anyone have any insight into the implications of me writing off the loan please?
Thank you in advance.
Bear
Comment