Write off of credit directors loan account

Write off of credit directors loan account

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I have a director client who had run a business for 10 years before selling it in November. Over the years he has paid £400,000 into the business as a directors loan which he has received interest on. As part of the sale around £100,000 of this loan is to be written off.

I believe that there may be some tax relief available - potentially creating a capital gains tax loss but am really not sure.

Any help would be most welcome.

Regards.
Gavin West

Gavin West

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