Hi,
I have 2 loans pre 2010, 1 year protected and the other not. I didn't settle but I now want to get the loans written off. I know that will give rise to a tax liability on the total amount of the loans but I am thinking that because I am not resident in the UK (last 8 years) and I do not have income other than a small rental investment that I may not have to pay NI. My questions are :-
1) will I have to pay just tax on the written off amount at the normal rates as per the tax tables or will I also have to pay NI?
2) will my APN that I paid several years ago count as an offset to the tax that I will have to pay?
3) will that get rid of the open enquiry?
This has been dragging on for 15 years for me and I just want rid of it.
Thanks,
I have 2 loans pre 2010, 1 year protected and the other not. I didn't settle but I now want to get the loans written off. I know that will give rise to a tax liability on the total amount of the loans but I am thinking that because I am not resident in the UK (last 8 years) and I do not have income other than a small rental investment that I may not have to pay NI. My questions are :-
1) will I have to pay just tax on the written off amount at the normal rates as per the tax tables or will I also have to pay NI?
2) will my APN that I paid several years ago count as an offset to the tax that I will have to pay?
3) will that get rid of the open enquiry?
This has been dragging on for 15 years for me and I just want rid of it.
Thanks,
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