BACKGROUND: Husband & wife ltd co, 50/50 shareholding, both directors.
If the company advances a loan of £10k to the Husband (which is repaid in full before 9 months after the year-end) then there is no BIK charge or s455 tax payable.
QUESTION 1: What if the same company advances another seperate loan to the wife of £10k (which will also be repaid in full before 9 months after the year-end)? The loan agreement is seperate but as she is related to her husband (also director) do the BIK rules consider that she / they have a loan in excess of £10k and chargable to BIK?
QUESTION 2: What if the loan agreements were made out in Joint names - i.e. "a loan of £20k to Mr & Mrs". Do they each still fall under the £10k BIK small loan threshold (presuming that they even fall within that thershold in Q1)?