The Guardian have said Lord Mandelson took out a tax free loan from his limited company...
Peter Mandelson gets £400,000 tax-free loan from company he owns | Politics | The Guardian
The article says the loan has incurred interest at the set rate of 3.25% per annum; and all personal/company taxes have been paid. Is any director loan above £10k considered benefit-in-kind and therefore taxable?
From the headline I was thinking that Mandelson some how took out £400k from his limited company tax free but he did pay tax?
Peter Mandelson gets £400,000 tax-free loan from company he owns | Politics | The Guardian
The article says the loan has incurred interest at the set rate of 3.25% per annum; and all personal/company taxes have been paid. Is any director loan above £10k considered benefit-in-kind and therefore taxable?
From the headline I was thinking that Mandelson some how took out £400k from his limited company tax free but he did pay tax?
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