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Where Taxpayers and Advisers Meet

Interest on loans for CGT purpose

Wire68
Posts: 6
Joined: Tue Mar 17, 2015 4:24 pm

Interest on loans for CGT purpose

Postby Wire68 » Wed Sep 09, 2015 7:38 pm

Hi
Can Relief be claimed on a loan and/ or interest on the loan delt with in regard to a Capital Gain arising on a business sale by a sole trader, this is in regard to a entrepreneur's relief claim and the loan was used directly for enhancement.

Thanks

bd6759
Posts: 3344
Joined: Sat Feb 01, 2014 3:26 pm

Re: Interest on loans for CGT purpose

Postby bd6759 » Thu Sep 10, 2015 8:12 pm

No. Interest is specifically not allowed as a deduction.

King_Maker
Posts: 6538
Joined: Wed Aug 06, 2008 3:22 pm

Re: Interest on loans for CGT purpose

Postby King_Maker » Fri Sep 11, 2015 10:57 am

Loans are not deductible for CGT purposes.

However, the loan interest might be claimable as a business expense. Have you asked your accountant?


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