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Posted Tue, 03 Jan 2023 08:42:55 GMT by Sunny day
My brother is loaning me money to cover a shortfall on a mortgage redemption. Since I don’t want him to lose out I want to pay him the same interest he was receiving from his savings account while I have the loan. Can the interest I pay still be part of his tax-free savings allowance as before, or will it become part of his taxable income.
Posted Fri, 06 Jan 2023 14:18:41 GMT by HMRC Admin 19

This will be treated as peer to peer lending. You can see guidance here:

Peer to peer lending

Thank you.

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