Transfer of interest income to wife

Transfer of interest income to wife

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A director has paid £30,000 to the business with an investor and formal loan agreement signed. Purpose of the loan was to fund investment in product development. Is there anyway to have the interest income taxed on the director's wife without drawing up new legal agreements? Many thanks tracy

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RLI
By lionofludesch
28th Oct 2016 19:42

Yes.

Why doesn't the wife lend the company the money?

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Replying to lionofludesch:
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By tracymair
09th Nov 2016 06:25

thank you, the money has already been lent and legal documnets signed. Do they just need a legal amendment to the documents or can they agree between themselves given that they're husband & wife?

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RLI
By lionofludesch
09th Nov 2016 19:00

Imho, you need new documents.

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By Marion Hayes
09th Nov 2016 19:53

I think Lion is right.
I would also recommend actual repayment to husband sole account.
New loan from wife again from a sole account.

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