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reclaim tax on loan to pay off business debt?
stupidman
Posts: 1 Newbie
in Cutting tax
Is it possible to claim interest on money borrowed to pay off old business debt eg Borrowed £55000 over 20 years when closed business down ,now still paying for 20 years. can i claim it back on taxation (interest) as a loss ?now paye. but still paying. help please quickly,need to fill form in.
0
Comments
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No, you can only get a deduction against the income it relates to. As the income has now ceased, you cannot get tax relief.£705,000 raised by client groups in the past 18 mths :beer:0
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