nick farrow
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S455

S455

dla overdrawn at co y/e 31 Aug 14 say £200k - s455 paid

in year to 31/8/15 further advances made of say £100K

is there any advantage in repaying more than £100k before 31st May 2016?

i.e. are loan repayments treated as LIFO or FIFO

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03rd Mar 2016 10:40

FIFO by default. Google "the rule in clayton's case".

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By Ruddles
03rd Mar 2016 10:43

LIFO or FIFO

It's the taxpayer's choice.

I can't see any benefit in repaying more than £100k before 31.5.16. Before 31.8.16? Yes.

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03rd Mar 2016 10:43

many thanks Portia for your amazingly fast response

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03rd Mar 2016 10:48

thanks Ruddles

yes i agree re the 31 Aug for the £200k

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