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Qualifying Interest Payments(QIPs)

This topic has 2 replies, 2 voices, and was last updated 4 years ago by Tax Tutor.

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June 6, 2020 at 1:15 pm #572981
AverageAndy
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Sir my study text mentions that “the purchase of shares in an employee-controlled trading company by a full time employee” is considered as QIP and hence allowed to be deducted as relief from total income.
Can you explain what does this mean?
June 6, 2020 at 1:16 pm #572982
AverageAndy
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Preferably by giving an example.
Thanks and much appreciate sir.
June 8, 2020 at 2:48 pm #573214
Tax Tutor
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It is a rule – a statement of fact. If that specific payment is made then it is an allowable deduction. If you see that statement made in a question then apply that rule.
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