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Loan from relative

Q: My sister has offered to lend me £100,000 to buy a share in the surgery. I would repay her in monthly instalments with interest. Can I claim tax relief on the interest even though I will be paying the interest to a relative?

A: As the loan is to finance the purchase of your share of the surgery premises, the interest would qualify for tax relief. The interest your sister receives will count as her income in the same way as interest on savings. She will need to declare the interest in her annual tax returns.

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