On 1 May 2019, a close company which prepares accounts to 31 March each year lends 30,000
Question:
On 1 May 2019, a close company which prepares accounts to 31 March each year lends £30,000 to Ravi, who is one of its directors. No interest is charged on this loan. Ravi owns 18% of the company's ordinary share capital. Explain the tax treatment of this loan if:
(a) Ravi repays the loan in full on 15 February 2021
(b) Ravi repays £10,000 of the loan on 15 February 2021 and the remaining £20,000 is written off by the company on the same day.
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Tax of 9750 325 of 30000 is payable by the company on 1 January 2021 Since the loan ...View the full answer
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