This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

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:4262
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?


Return to “Capital Gains Tax, CGT”