What should you do?
Individuals and companies who have made loans to businesses outside the UK since 24 January 2019, where there is no prospect of the loan being repaid, will now be able to claim a capital loss. However no relief will be available for older loans to foreign businesses.
If you have lent funds to a trader who is now in difficulty and cannot repay the loan, contact us to review the potential for claiming a capital loss.
Read more on the Budget here.