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Hi I know tax on income and assets worldwide has to be declared but
How is a loan repayment treated is it income ? In essence I loaned some money to a family member which is being repaid. Monthly wold this be seen as income for tax purposes ?
Posted: Thu Feb 10, 2022 12:20pm
Super helpful member
Are you charging interest ?
If yes, the interest could be argued to be income.
Posted: Thu Feb 10, 2022 4:08pm
Helpful member
Kelvin1960 wrote on Thu Feb 10, 2022 12:20pm:
Are you charging interest ?
If yes, the interest could be argued to be income.
No it was just to a family member
But it shows up on my bank account as a payment so wasnt sure
To be completely in the clear you should draw up an agreement between you. Doesn't have to be anything fancy just something setting out the terms of the loan signed and dated.
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