Loan interest relief – Loans to buy an interest in a close company

Loan interest relief – Loans to buy an interest in a close company

Securing tax relief for loan interest paid can be difficult. For example, the borrowings must be structured properly, and certain statutory conditions must be satisfied. Separate provisions apply for individuals and companies; this article is concerned with loan interest relief for individuals. The legislation concerning interest payments (ITA 2007, Pt 8, Ch 1) provides for tax. Read more

HMRC enquiries – The importance of taking notes at meetings

HMRC enquiries – The importance of taking notes at meetings

An important aspect of HM Revenue and Customs (HMRC) enquiries into tax returns that is sometimes underestimated is meetings between taxpayers (and their agents) and HMRC officers, and the notes taken at meetings. The taxpayer’s responses to the HMRC officer’s questions often set the course and tone for the whole enquiry. Traditionally, the HMRC officer. Read more

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