Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Loan to family member

(3 Posts)
Marmitelover55 Mon 02-May-16 15:38:04

We have lent a family member some money as our offset mortgage means that we could access the funds easily and they couldn't. We are charging interest at 1% above our rate (which is pretty low). Will we need to pay income tax on the total interest paid to us or on the difference between the interest we have charged and been charged? Thanks.

contortionist Mon 02-May-16 16:04:45

The total interest.

Marmitelover55 Mon 02-May-16 16:10:30

I hoped you wouldn't say that!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now