How to treat a company loan written off in company tax computation
A Ltd Company made a loan of 30k to a new start up Ltd company back in 2007.
Eventually the new venture company failed still owing the 30k.
The lending company has now sold its freehold factory and there is a gain arising of 50k subject to CT.Can the loss on the irrecoverable loan now be offset against the gain on the factory.?
Thanks for any help