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please advice on uk tax matter

A friend of mine (who is not UK resident) wants to lend the money to UK company (he is 100% shareholder of this company). Can he provide this loan on interest free basis? Is it permitted by UK law and advisable? I understand that if he charges the interest on the loan, the company will not only have to submit quarterly reports indicating the interest payments made but also pay 20% tax on this interest. I believe that it is easier to provide the loan on interest free basis and pay corporation tax at 20% rate on income without filling any forms. Is it the case? tax question

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