loan

andy_johnson

I payed a loan back to my friend £10,000 does he need to pay tax on this.
And if so is there a time limit, when he needs to declare this money.any help please.:beer:

CLAPTON

he would legally need to pay tax on any interest you paid him ... but not on the capital amount.

andy_johnson

Thank you Clapton for the quick reply.
Can i ask what would happen if he does'nt declare this?
And is there a time limit as to when this should be declared?

Thanks

standupguy

andy_johnson wrote: »

Thank you Clapton for the quick reply.
Can i ask what would happen if he does'nt declare this?
And is there a time limit as to when this should be declared?

Thanks

Unless he has received interest there is no need to declare anything

owner

If he declares the interest he can then be prosecuted for illegal money lending. :rolleyes: