Blogger
Share this content
0
2
1282

S360 ICTA 88

Client has lent a large sum of money to the company which he runs, and is being paid interest by the company. Interest is correctly taxed and returned under CT61s and will be declared as income.

BUT he has incurred interest on a loan taken out solely for the company use, and I believe he's entitled to offset that interest under S360 ICTA 88, so where does this claim go on the return?

Ian Clark

Replies

Please login or register to join the discussion.

avatar
06th Jan 2006 17:25

Box 15.1
I would have thought your client comes into at least one of the categories shown in the Inland Revenue helpsheet IR340, in which case the interest would go into box 15.1

Thanks (0)
avatar
06th Jan 2006 17:36

Agreed

Box 15.1 it is.

Thanks (0)