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Tax implication for investment in ltd company Business

octobermanor · 2012-05-26 15:09:22

My wife (who originally comes from outside EU) borrowed €20,000 from her mother (from abroad), to invest in 20% share of a restaurant, with 1 other investor who owns 80%. They are set up as a limited company and my wife is registered as 20% owner of the shares. Year 1 just completed, my wife received €6,000 in her share of…

26-05-2012 3:09pm

#1

octobermanor

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My wife (who originally comes from outside EU) borrowed €20,000 from her mother (from abroad), to invest in 20% share of a restaurant, with 1 other investor who owns 80%. They are set up as a limited company and my wife is registered as 20% owner of the shares.

Year 1 just completed, my wife received €6,000 in her share of after tax profits.My wife maintains there is no tax implication for her because so far she has only got back €6,000 of her investment, which she has given back to her mother as part of the loan of €20,000

We are jointly assessed.

Is my wife correct ?
1) Is there any tax implication for me ?
2) How do we declare her investment of €20,000 and the €6,000 return in the investment in our tax return ?

Any insight greatly appreciated.

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#2 26-05-2012 4:10pm

Mr. Incognito

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Read the charter

Seek professional help

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