Would appreciate some advice on this please.
If I were to lend some money on a monthly basis to a family member over the course of say 2 years and then get a lump sum back in the future, would there be any tax implications given that I will be lending money from my savings account?
Does anyone have similar experiences please? I wouldn't want to be in a situation where I am needlessly taxed on top of what I already am. I am not looking for a loophole to avoid paying taxes, as I am not gaining financially through this arrangement, but rather to gather information so I am in a better position to explain it if there were to be a query at a future date.
Thanks in advance.