On 1 May 2017 , a close company which prepares accounts to 31 March each year lends
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On 1 May 2017 , a close company which prepares accounts to 31 March each year lends £30,000 to Ravi, who is one of its directors. No interest is charged on this loan. Ravi owns 18% of the company's ordinary share capital. Explain the tax treatment of this loan if:
(a) Ravi repays the loan in full on 15 February 2019
(b) Ravi repays £1 1,500 of the loan on 15 February 2019 and the remaining £18,5 00 is written off by the company on the same day.
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Tax of 9750 325 of 30000 is payable by the company on 1 January 2019 Since t...View the full answer
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