quasi loan

I invested some cash on behalf of my company. What is the tax treatment?

I am a director and employee of a company which my wife and I own 50/50. It has taken me a while to find a good bank deposit account for the company that pays interest at rates similar to what I earn on my personal deposit account. In the meantime, I invested the company's cash in my personal deposit account, so I would get a good rate of interest. I have recently transferred the cash to a separate deposit account in the name of the company. I am wondering what to do about the interest I earned.

I have just read about beneficial loans, and I'm worried the cash will be deemed to have been a loan from the company to me, and I will have to account for 5% deemed interest, the "official rate". This seems crazy, because the cash actually only earned about 4%, and would have earned less than 1% if I had put it in one of the common business deposit accounts.

The cash was never beneficially mine, so I am planning to just treat the interest as being the company's interest, rather than mine.

But what should I do with the tax credit certificate (for tax deducted at source on the interest), which will be in my name? Can the company use the tax credit, if the certificate is in my name? Can I use the tax credit if I do not include the corresponding interest on my tax return?

The other alternative is for me to pay interest to the company, as if it had made a loan to me. But if I do that, can I claim a deduction for that interest in my personal tax return?

-- koru