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Where Taxpayers and Advisers Meet

Interest on personal loans

Joined:Wed Aug 06, 2008 3:31 pm
Interest on personal loans

Postby Brightonian » Tue Jan 17, 2017 5:35 pm

I am wondering if anyone can throw some light on this. I have a client who has made several loans in the past to friends. He charges interest and I have always shown the interest on the tax return as 'other income'. Previously it has not mattered where it was returned. However, with the changes to the taxation of interest, this will makie a difference in future. HMRC advise that interest received from peer to peer lending on a platform should go on the additional information pages. But my client is not using a platform. What do other advisers do in this situation? All help gratefully received.

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