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The personal loan interest paid in connection with the financing of a film partnership is claimed in box 15.1 on the self assessment tax return rather than as a reduction in the partnership profit. Is the interest paid allowed as a reduction in the partnership income for Class 4 National Insurance contribution purposes?
If this is so, how is the claim made on the tax return as the relevant income and relief boxes are not generally linked together? Readers' thoughts are welcomed.
Query T16,945 — Interested.
The personal loan interest paid in connection with the financing of a film partnership is claimed in box 15.1 on the self assessment tax return rather than as a reduction in the partnership profit. Is the interest paid allowed as a reduction in the partnership income for Class 4 National Insurance contribution purposes?
If this is so how is the claim made on the tax return as the relevant income and relief boxes are not generally linked together? Readers' thoughts are welcomed.
Query T16 945 — Interested.
Reply by N.K.:
The answer to this query is yes; the interest referred to is allowable as a deduction against assessable partnership income for both income tax and for Class 4 National Insurance contributions (NIC).
The guide to how one makes the correct tax return entry in connection with National Insurance contributions purposes can be found on...
