Higher tax applied to directors’ loan accounts

From 6 April 2016, companies will be charged a higher rate of tax (payable under s.455 CTA 2010) on outstanding loans to directors, or any other participator in a close company. This new rate is 32.5%, (up from 25%) and is payable by the company on unpaid balances existing nine months after the end of the accounting period. The new … Read More