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loan
andy_johnson
Posts: 17 Forumite
in Loans
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:
And if so is there a time limit, when he needs to declare this money.any help please.:beer:
0
Comments
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he would legally need to pay tax on any interest you paid him ... but not on the capital amount.EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
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?
Thanks0 -
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 anything0 -
If he declares the interest he can then be prosecuted for illegal money lending. :rolleyes:0
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