Income tax on interest paid a big disappointment
For everyone who finds CT61s a real hassle, I was really excited at the potential good news ………
The government is consulting on draft Finance Bill legislation exempting certain unlisted securities from the requirement to deduct tax on interest. These loans, known as ‘private placements’, have to meet certain conditions, including a minimum three year life and the payer being a trading company.
Then I read that the minimum loan is likely to be £10 million; so – in reality – of little use to SMEs, probably the businesses who really need the most help from the imposition of red tape.
Date: 16th January, 2015
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