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Sam, Accountant
Category: Tax
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if i as an individual lend a family member a sum of money to

Resolved Question:

if i as an individual lend a family member a sum of money to start a business and charge them interest on their repayments am i liable to income tax on the interest received
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Thanks for your question, I am Sam and I am one of the UK tax expert here on Just Answer.

Yes that's right, tax will be due on the interest element of the loan repayment


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