Hi
If A gives B a private loan of 130,000 for 6 years. Is there any tax implication for either party. It is a loan from a friend - not employer and not related.
From my searches here I think that if it is interest free there is no tax due but if A charges B the interest on the loan then there is a tax issue - is this correct and if so how is this calculated?
Many thanks
If A gives B a private loan of 130,000 for 6 years. Is there any tax implication for either party. It is a loan from a friend - not employer and not related.
From my searches here I think that if it is interest free there is no tax due but if A charges B the interest on the loan then there is a tax issue - is this correct and if so how is this calculated?
Many thanks