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It was an open question - hence the post, I thought I'd ask those who know the answer. I wasn't sure because I understand investors are able to offset losses against personal tax through EIS so I thought something similar might apply.
If a family member loaned money in the form of a directors loan to a LTD company that then went into administration, can this loss be claimed as personal tax relief in any way?
Our LTD is cashflow insolvent. We have minimal debts (c 5K VAT, 1K PAYE - both on payment plans, c2K suppliers) but sales and overheads being where they are mean our only option is insolvency. We also want out in general.
An insolvency practitioner we spoke with advises fees of £7.5K, most of...