Need advice please!

Athos

I need to take out a loan of around £5000 and have looked around at a few loan companies for a good rate. However, i have an uncle in Greece who has said that he will lend me the money interest free if i wish. Obviously this is a good offer and he says that he will do a CHAPS transfer into my UK savings account from Greece. My only hesitation here is what are the Tax implications for this ie. do i need to declare the money coming in to my account with the tax man? Is there anything else i will need to do on receiving the money? All suggestions are much appreciated.

lynzpower

wouldnt have thought so as its a gift, and 5k isnt a big deal really.

The cutting tax board might be better placed to advise you

freebird65

I'm no expert, but I wouldn't have thought a family loan of £5k is something to interest the taxman.....try calling your local tax office - I've always found them really helpful and have had straight-talking advice without confusing legal-speak from them - that should put your mind at rest.

Happy 2007.