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Do you pay tax on a repaid loan?

Mac11

Mac11 Posts: 76 Forumite

Part of the Furniture

10 Posts

Combo Breaker

24 May 2021 at 2:31PM in Loans

I gave a family member a personal interest free loan. They now wish to pay it back, is this liable for income tax?

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Comments

[Deleted User] Posts: 35,242 Forumite

24 May 2021 at 2:37PM

If there's no interest, then there's no income to pay tax on.

1
Mac11 Posts: 76 Forumite

24 May 2021 at 5:32PM

Thank you. I thought I’d be penalised for helping out.

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macman Posts: 53,128 Forumite

25 May 2021 at 8:30AM

It's not income.

No free lunch, and no free laptop
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