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loan from grandfather

  • 15-01-2010 3:36pm
    #1
    lambayi
    Closed Accounts Posts: 2 ✭


    Is there a minimum interest rate applicable to loans arranged between individuals to avoid tax implications? Does the contract have to be drawn up by a solicitor?


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    No- big brother is not that bad.

    A gift carries CAT. A loan between two individuals can be drawn up any way they want. A solicitor would only really be required when it's a BIG loan and the person loaning wants to be prudent and have the agreement in writing.


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Afaik, there doesn't even have to be any agreed repayment schedule or even a formal written contract. A verbal agreement that the money is a loan which will be repaid at some point in the future is sufficient.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    well there is a time limit that CAT will apply if no loan repayments are being made but I don't think that is applicable here.


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