Originally posted by Nfelss
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Reply to: Tax on Having Loan Written Off
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Previously on "Tax on Having Loan Written Off"
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If you are bothered, join BigGroup.
I think the chances of loan repayment being asked for are minimal.
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Originally posted by NfelssHi, any update on this case? Have you find a way of protecting yourself from theumbrellascheme owners coming back in 20 years demanding the loan repayment? Btw was it bedouin?
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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)?
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