Here are just a few of the potential issues;-
1 is the payment a loan or a gift ?
2 if there is no written agreement , there may be a dispute about repayment
3 if the loan is made to a couple , it may not get repaid if the relationship ends
4 the loan will rank behind a commercial mortgage in terms of repayment
5 income tax may be payable on any interest charged
6 Capital Gains Tax pay be payable if the loan is made on the basis of taking a share in the property
7 if the loan is not repaid , the loan will be an asset of the estate for Inheritance Tax
If you require any further information , please contact John Buckle on 01922 707598
Member since: 14th March 2016
HCB Hadens Solicitors - Walsall - 01922 720000
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