(1). Fay can deduct the interest on the loan to acquire the shares in GFL from her net income.
Why is Faye entitled to this tax deduction?
(2). Why is GFL a close company?
(3). GFL made a loan to one of its passive investors, such that it was required to make a payment equal to 25% of the loan to HMRC.
What are the three conditions which would have to have been satisfied in order for this payment not to be necessary?