Gift Tax on Debt Writedown

C

Commercial

Registered User
Messages
223
I have heard recently from tax advisers and accountants that there are rumours that if any person was to get a writedown from a bank, then they may be liable for gift tax for the amount written off.

Surely this couldn't happen, as the people who get writedowns are those who are financially stressed already and a tax liability after a writedown would lead them to bankruptcy.

Can anyone clarify this?
 
You must log in or register to reply here.
Back
Top