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Directors personal guarantees during company liquidation
Battle_weary
Posts: 25 Forumite
in Cutting tax
My husbands ltd company went into liquidation in Jan 07. There are some hefty directors guarantees that have come home to roost and we are now in a DMP for these debts (about £40K) plus others personal debts due to loss of earnings.
My question is:
Can my husband cliam tax relief on the amount that he has paid towards the directors guarantee business debts in each financial year?
Other business expenses are claimable during the accounting year, and as he signed personal guarantees for some of the business debts surely he is entitled to claim tax relief on the amount he is paying every year. Your comments on this would be much appreciated.
My question is:
Can my husband cliam tax relief on the amount that he has paid towards the directors guarantee business debts in each financial year?
Other business expenses are claimable during the accounting year, and as he signed personal guarantees for some of the business debts surely he is entitled to claim tax relief on the amount he is paying every year. Your comments on this would be much appreciated.
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