T
Tim
I have a friend who perhaps foolishly lent money to a Ltd company. He
borrowed this money from his father. Unfortunately this company went
bankrupt together with this money.
The Ltd was a closed company and my friend should get tax relief on the
interest element of this borrowing except that now he has no income and
cannot pay.
If interest payments are deferred for a year or two can he obtain tax relief
on this "back interest"? What must his relative say in his tax return?
Many thanks.
borrowed this money from his father. Unfortunately this company went
bankrupt together with this money.
The Ltd was a closed company and my friend should get tax relief on the
interest element of this borrowing except that now he has no income and
cannot pay.
If interest payments are deferred for a year or two can he obtain tax relief
on this "back interest"? What must his relative say in his tax return?
Many thanks.