Personal guarantee loan repayments....are they tax deductible?

samuel.s

Forgive me if this is a silly question, and I will ty and keep it brief. Four years ago had a company that went in to liquidation. Had a personal guarantee with the bank for 30k.At the time of the liquidation I owed about 10k, I was pursued for this and came to an arrangement to repay back in installments which I am till doing to this day. Also repaid another supplier about 3k personally even though it was a limited company I had.
Are any of these amounts deductible?
Don't shoot me down if it's a silly question. Just trying to cover all angles on sorting out my finances.

jimmo

You can’t make an Income Tax claim for the guarantee payments but you can claim a Capital Gains loss.
See page 4 on the following link.
http://www.hmrc.gov.uk/helpsheets/hs296.pdf
I don’t know if a Capital Gains loss will be of any use to you now but remember that once a Capital Gains loss has been established it can be carried forward indefinitely so could be potentially useful to you in the future.
As regards the £3k you paid to a supplier that doesn’t sound like a guarantee payment and I think you would struggle to convince anyone that it was a loan to your company, especially if liquidation had already commenced.

samuel.s

Thanks for your help. Seems like I may have an angle to follow there.