Qualifying loan interest

This screen is accessed via the Data Input tab within the tax return. Tax relief may be claimed for interest payable on a loan or alternative finance arrangement used to buy:

• shares in, or to fund, a close company

• an interest in, or to fund, a partnership

• plant or machinery not already deducted as a business expense

See HMRC helpsheet 340 Interest and alternative finance payments eligible for relief on qualifying loans and alternative finance arrangements.

From 2014, relief on qualifying loan interest and certain other reliefs are limited by the limit on Income Tax reliefs. See HMRC helpsheet 204 Limit on Income Tax reliefs.

• Description of loan – enter a brief description of the loan.

• Amount paid – enter the amount of tax relief being claimed.

• Investment into property partnership? – tick the box if the loan relates to investment into a property partnership.

To delete a line from the grid, select the ‘trash can‘ icon at the end of the line.