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Do I have to pay tax on this?
If a friend loaned me £10,000 and I gave back the same amount a day or two after, would I have to pay tax on it?
7 Answers
- ?Lv 75 years ago
No - there is no gift just the loan - however, in theory an interest free loan is a benefit.
HMRC is sane and would not pursue a loan between friends for a tax on the benefit. Large interest free loans between corporations and between employer and employee are taxed as a benefit.
- CliveLv 75 years ago
No. Interest-free loans are conceivably taxable but not between friends and family. https://www.gov.uk/expenses-and-benefits-loans-pro... There is no capital gain involved nor does it count as a gift for inheritance tax purposes.
- troLv 75 years ago
no and never unless you do not repay him and he demands payment, possibly in court
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