Relief available for interest paid on loan
2 posts • Page 1 of 1
by Manda on Tue Oct 11, 2005 12:31 am
Can you claim tax relief for interest paid on a bank loan for £8,000 taken out to fund an MA course, once the student has finished the course and starts work as self employed, using the knowledge obtained from doing the MA?
- Manda
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- Joined: Wed Aug 06, 2008 3:30 pm
by deanshepherd on Tue Oct 11, 2005 7:32 am
Unfortunately not.
Only costs incurred wholly and exclusively for the purposes of the trade would be allowable.
If the course was to update existing skills as oppose to acquiring new ones then maybe the interest would have been allowable. However, MA courses are specifically excluded in the Inland Revenue's own guidance.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
Only costs incurred wholly and exclusively for the purposes of the trade would be allowable.
If the course was to update existing skills as oppose to acquiring new ones then maybe the interest would have been allowable. However, MA courses are specifically excluded in the Inland Revenue's own guidance.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
- deanshepherd
- Posts: 1082
- Joined: Wed Aug 06, 2008 3:23 pm
2 posts • Page 1 of 1
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