Untaxed interest on family loan

Can you please confirm where untaxed interest received on an amount loaned within the family at interest should be entered on the return? Would it be in "Other UK income not included on supplementary pages" in boxes 17 and 21, or somewhere else? Thanks

Hi,

The savings and investments manual SAIM2010 advises that there is a charge to tax on interest received on loans made privately.  

SAIM2010 - Interest 

You can enter this in the untaxed UK interest box 2 on SA100.  

Additional information notes

Thank you.

Thanks. I fully accept that interest received privately is taxable and am happy to include it alongside bank etc interest in Box 2, though the title to that section suggests it applies only to banks etc. I am unsure what relevance the link to the Additional Information notes relates to as none of the circumstances there appear relevant?

Hi, 

This would be more linked to peer to peer lending and declared on the additional information page SA101 -

Peer to peer lending

Thank you.

Thanks. I must be being very slow but I cannot see where one would enter interest received on the SA101. Which box should be used please?

Hi Gary Coombs,

This should be entered on form SA101 Additional Information under, "Other UK income, Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits"

Thank you. 



 

Thank you. Somewhat counterintuitive but as long as you guys are content, I too am content.