Guarantor’s payments not deductible
SCIT INCOME TAX – director’s personal guarantee of company’s debts – director resigned from directorship and left company – guarantee then called on – whether payment made by director an allowable deduction – ITEPA 2003 s 336 – whether conditions satisfied – no – appeal dismissed.
[2008] UKSPC SPC00703
Bailii
England and Wales
Income Tax
Updated: 09 November 2021; Ref: scu.273110