Tax Glossary
Welcome to the TWD Accountants Tax Glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.
Qualifying Loans
Some types of loan qualify for tax relief on the interest paid, these are:
Loans to purchase plant or machinery used for an employment or trade.
Loans to buy shares in a close company. If you own 5% or more or are a full time working officer or employee (subject to additional conditions)
Loans to purchase land and buildings for use in business.
Loans to buy an interest in a partnership.
Loans to buy a life annuity if aged 65 or over at the time of purchase.
Loans taken out by a Personal Representative to pay Inheritance tax.
Some types of loan qualify for tax relief on the interest paid, these are:
Loans to purchase plant or machinery used for an employment or trade.
Loans to buy shares in a close company. If you own 5% or more or are a full time working officer or employee (subject to additional conditions)
Loans to purchase land and buildings for use in business.
Loans to buy an interest in a partnership.
Loans to buy a life annuity if aged 65 or over at the time of purchase.
Loans taken out by a Personal Representative to pay Inheritance tax.
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