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Hi,
I have invested £10,000 in a company I am involved with at an agreed rate of interest of 5% per annum.
I do not expect repayment of the loan for some years and have been told that I can claim tax relief on the interest that will accrue on the loan until it is repaid.
Is this true and if so how to do I do it?
I understand I that when the loan and interest is eventually repaid I will have a tax liability.
Thanks.
I have invested £10,000 in a company I am involved with at an agreed rate of interest of 5% per annum.
I do not expect repayment of the loan for some years and have been told that I can claim tax relief on the interest that will accrue on the loan until it is repaid.
Is this true and if so how to do I do it?
I understand I that when the loan and interest is eventually repaid I will have a tax liability.
Thanks.