Tax on loan for business expansion

[spaniel12]

I have been given a loan by my parents for my business as I couldn`t get a reasonable interest rate loan from the bank.

I will be paying them back monthly what is my tax implication?

 

[Scalloway]

There are no tax implications for repaying loan capital. Interest paid by you can be deducted from business profits but your parents will have to pay tax on it.