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Tax implication of a personal loan for Company?

kol1965 · 2011-02-02 18:51:46

Hi All, Quick question: I am trying to get a new venture off the ground and have a friend of mine who is going to back the project financially. I have a limited Company setup to which he doesn't want to be a director. He simply wants to lend me the money "interest Free" as a friend, to pay him back over a period of about…

02-02-2011 06:51PM

#1

kol1965

Registered Users, Registered Users 2 Posts: 16 ✭

Join Date: May 2010

Posts: 8

Hi All,

Quick question:

I am trying to get a new venture off the ground and have a friend of mine who is going to back the project financially.
I have a limited Company setup to which he doesn't want to be a director.

He simply wants to lend me the money "interest Free" as a friend, to pay him back over a period of about 10 years.
I intended pumping that money into the Company as a "Directors Loan by me" to which I will take back over the same 10 year period and repay my buddie.
Anyone know of any pitfalls or tax implications to which I should be considering?
Thanks in advance
Kieran

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