Waive Directors Loan credit balance

A director has a loan account showing £100k credit balance in his company.
The company is showing historical losses b/f although the company is in fact profitable.
The director believes the losses and his loan account were created by some creative accounting by his previous accountant.
He wishes to waive the amount owed to him as he does not believe the company actually owes him this money and the company is having problems obtaining credit with suppliers due to the negative balance sheet.
If the loan account is written off how is this treated in P&L?
What if any are the tax implications?
Mr S

Comments
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Money debt

AnonymousUser |

Stupid question, no doubt:

AnonymousUser |

Why...

AnonymousUser |

There are a couple of changes ...

kenmoody |
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Particpator Loans - Taxability Contrary to EU Law

Anonymous |

Clear off Tom

kenmoody |
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Excellent Ken

Anonymous |

What was the Question?

thomas34 |

Actually ..

kenmoody |
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So .....

kenmoody |
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Ken/James

Anonymous |

Goodwill

AnonymousUser |

Not sure I follow

kenmoody |
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Vested interest

Anonymous |

I thought I'd sussed this one ...

kenmoody |
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Interesting, but keep it clean

AnonymousUser |

Whats Your Argument?

Anonymous |

Why Are Directors Loan Accounts Connected?

Anonymous |

Connected

Anonymous |

But Ken .....

Anonymous |

Taxation Issue 3830

Anonymous |

Phew

kenmoody |
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He aint heavy, he's my debtor.....

Anonymous |

And the upshot may be ...

kenmoody |
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This is quite heavy stuff

kenmoody |
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Back to the start...

Anonymous |

BIM 40265

Anonymous |

Sch9 Para5(3)

Anonymous |

probably taxable?

AnonymousUser |

FA1996 Sch 9 Para5

Anonymous |

Thanks Mervyn

Anonymous |

PET and companies

mervyn beach |

IHT?

Anonymous |

Watch out for IHT!

mervyn beach |

Which is a great idea but...

Anonymous |

I like share capital

AnonymousUser |

Sch 9 FA96

Anonymous |

Is this concluded?

nogammonsinanundoubledgame |
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