Loan between Siblings

D

dolphin1

Guest
My brother wants to give me a loan to build a house, this will be over the 33,500 threshold for Category B - but as it is a loan rather than a gift will it incur Capital Gains?
 
No, but it would be as well to write up an agreement showing a repayment schedule and interest (if any) in case it is audited.
 
Thats great, thank you Derek. Do you think this would need to be a legal document or just something we draw up between ourselves?
 
It would be as well to have it notarised or witnessed by someone else, no need to go to a solicitor for it. Oh and dated too, prior to the loan taking place obviously.
 
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