Buying debts?


T

Tim

I am/was a shareholder of a Ltd company which I loaned a few thousand pound
of money to. This has subsequently become insolvent and going through the
throws of arranging creditors meetings etc.

I have started my own company and was wondering if I can purchase (buy or
sell) the loan I made to the first company so I at least don't pay tax on
the capital repayment. Are such things possible and straight forward to do?

Many thanks.
 
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P

Peter Saxton

I am/was a shareholder of a Ltd company which I loaned a few thousand pound
of money to. This has subsequently become insolvent and going through the
throws of arranging creditors meetings etc.

I have started my own company and was wondering if I can purchase (buy or
sell) the loan I made to the first company so I at least don't pay tax on
the capital repayment. Are such things possible and straight forward to do?

Many thanks.
What do you mean? Who is "buying" the loan? Your company or you? Who
is "selling" the loan? The limited company you are a shareholder in or
yourself?

Why are you expecting to pay tax on the repayment of capital? What
tax?



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