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Where Taxpayers and Advisers Meet

Company loan from overseas business

Posts: 5
Joined: Fri Aug 24, 2018 10:07 am

Company loan from overseas business

Postby Moraf » Mon Sep 03, 2018 10:57 am

I am a UK resident and have a majority shareholding in a company based in the UAE (which is a zero tax jurisdiction).
I declare all income from the company (dividends) in my self-assessment, but I do not draw a salary from the business as its run by a manager etc.

My question is regarding a loan from the company.
If I were to take a loan from the company of £15,000 - what needs to be done?
In the UAE, there is no interest rate - so I am borrowing it at the official rate of the jurisdiction. Also, the local accounting requirements for the company are being fulfilled.

What needs to be declared in the UK?

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