No income tax relief for director's guarantee payment
Resource type: Legal update: archive
Status:
Published on 21-Aug-2008
Jurisdictions:
England, Wales
In
A Guarantor v Revenue & Customs [2008] UKSPC SPC00703, a decision released on 5 August 2008, the Special Commissioner held that a former director was not entitled to income tax relief for a payment made pursuant to a personal guarantee of a company's debts.
This is a good reminder that there is no income tax deduction for such payments (although capital gains tax relief may be available).
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