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Hi All,
I need some expert advice as to whether the below is Section 455 tax chargable or not. Please help.
Scenario:- Company A has two directors - Director MC and Director MS. Company A has 50% shares in Company B. Company B's Directors are Director MC and Director MS of company A and Director BG. If Company A gives 2 loans for £10,000 each during their financial year to Company B, which has not been repaid at the time of preparing the tax return. Is this considered chargable to Section 455 and needs to be declared on the tax return? If I know the loan is going to be repaid by the time the tax is due for payment then it doesn't need to be declared?
Thanks,
Wendy
Edited at 30 Oct 2024 11:14 AM GMT
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