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Tax on income from friend to clear debt
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In which case, only the interest would count as taxable income, or as capital gain. Seems academic though as it appears that the loan was interest-free.Keep_pedalling said:
Unless the payment includes interest.TadleyBaggie said:Short answer: No.0 -
If you or he believe he is making ongoing profits playing online slots you are fooling yourselves, or he is exploiting a flaw in the in-built house advantage which is very unlikely.loose does not rhyme with choose but lose does and is the word you meant to write.0
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You should ensure that you can document both the loan and that you are now receiving repayments of the loan. HMRC may well be interested in the payments into your account and ask for details.
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