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I wanted to know if a uk limited company could lend me

Good evening Accountant's Assistant:...

Good evening

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I wanted to know if a uk limited company could lend me monies to purchase a property. I am not a director of the company

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

A friend of mine is a French citizen and tax resident. He owns and runs a very profitable business. He wants to help purchase my first property. However, to avoid paying huge taxes in France, he prefers lending me the monies via his company.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

But, French companies are not allowed to lend monies to individuals above a certain amount.Therefore, we were wondering if the best way would be to set up a UK entity for this purpose and that entity would lend me the funds against an interest.

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Answered in 17 hours by:
11/16/2017
Sam
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Hi

It can but then this comes at a high price as its treated as a a directors loan on whcih tax has to be paid until it all paid bacl

https://www.gov.uk/directors-loans

So if not paid back within 9 months of the corporation tax accounting period then see here https://www.gov.uk/directors-loans/you-owe-your-company-money

Which to summarise you pay Corporation tax on this money at 32.5% and there is class 1 national insurance at 12% as an individual pay the UK highest rate of tax on which your income sits through a benefit charge so I would imagine its not much different from France

However if you have no trade through the UK Limited company then you may find you are fined for misuse of a limited company account

Thanks

Sam

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