Tax Relief on loans for qualifying
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skipper
Apprentice
Joined: 21 May 2006
Posts: 6
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 Posted: 07/06/09 - 04:18 Post subject: |
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| I have recently started working in a small business company. It is a very nice job and I have been earning fairly good amount of money. Recently I decided to buy some shares of the company, and I wanted to get a qualifying loan. However, before I do that, I would need to know whether there is a tax relief on it. If anyone could help me, that would be great. |
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fin
Apprentice
Joined: 11 May 2005
Posts: 6
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| Posted: 08/21/09 - 02:05 Post subject: |
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Whether you are qualified for a tax relief depends on what kind your loan is. Qualifying loan is defined as a loan you will take to buy shares of a company where you work full-time (so the part-time jobs are excluded). Also, it should be a close company with only several directors in control. If these conditions and terms are satisfied you will be eligible for a tax relief. I strongly suggest you get some more information, and see some more guidance at http://www.businesslink.gov.uk/bdotg/action/
detail?type=RESOURCES&itemId=1073791587. |
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