M
macbane66
Guest
Hi,
Does anyone know if any major tax implication and directors comliance issues arise if for example a director of a company takes a loan from his father or mother to part finance a major project.
I'd assume the only implication would be that the transaction would have to be at arms lenght and a reasonable level of interest would need to be paid over.
Would it need to be repaid within a certain timeframe in full in order to not be deemed taxable under capital acquisitions tax?
Thanks
D
Does anyone know if any major tax implication and directors comliance issues arise if for example a director of a company takes a loan from his father or mother to part finance a major project.
I'd assume the only implication would be that the transaction would have to be at arms lenght and a reasonable level of interest would need to be paid over.
Would it need to be repaid within a certain timeframe in full in order to not be deemed taxable under capital acquisitions tax?
Thanks
D