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Post Cessation Loan Interest Expense

RonnieRonnie Settling In NicelyRegistered Posts: 20
in General accounting discussion
Is the continued payment of interest on a loan taken out to purchase a business (by a husband and wife partnership) classed as a post-cessation expense? The florist business ceased to trade in March 2010.

I would like to reclaim the future interest paid against the husband's annual employment income each tax year until repayment of the loan in 2016. Or estimate the remaining interest and allocate as an accrual with the 2009/10 accounts.

Comments

  • RonnieRonnie Settling In Nicely Registered Posts: 20
    After more research, possibly the outstanding loan interest could be relieved under "Qualifying Loan Interest Payable in the Year" on form SA 101 Box 5, for each of the remaining tax years.

    Any comments?
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