Can I claim income tax losses on Directors Loans lost ?

T

TIANA

Guest
Hi All,

This is my first time on this site, and I wonder can anybody comment on the following under Irish Tax system: Can I claim for losses on a directors loan I gave a company that is now insolvent and that I am no longer a director of?

I paid in €20K as a directors loan and I am wondering if I can use it as a loss for offset against future income?

TKS

TIANA
 

The only way you can use it is if the company can create money to repay you the €20k
If it can not it is lost and cant be offset against anything. in a sense it dies with the company.
 
I thought that may have been the answer....thanks for the opinion....much appreciated!!
 
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