Need a new car for work, partner has agreed to loan me 15K , I will pay back with interest over 4 years. Is this money from partner something that could have tax implications for us?
The OP said there would be interest (which should indeed be below the 3K annual gift limit) - so the partner would have to declare the interest income and pay income tax on it wouldn't they?
Lads, don't complicate things. Get the loan, pay it back, don't tell revenue anything. Unless you somehow get a revenue audit this is just an agreement between friends.
The OP said there would be interest (which should indeed be below the 3K annual gift limit) - so the partner would have to declare the interest income and pay income tax on it wouldn't they?