neal
Member of DD Central
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Post by neal on Dec 19, 2018 10:36:17 GMT
As I understand things we have not actually made a loss yet, but we have earned interest so we need to declare the interest we have been paid in this tax year and then claim any lost capital against tax due in the tax year in which that loss was made, if there is to be a loss of course. But I am just a simple farmhand so could be totally off track.
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seb8072
Member of DD Central
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Post by seb8072 on Dec 19, 2018 12:06:51 GMT
Any interest I earned was always reinvested. i’m declaring COL funds as a total wipeout capital loss as I’ve seen no evidence that this will not be the final outcome. People who keep saying we might expect a decent or full return are either joking or dreaming. Presumably against CGT as you cant claim loss relief against income tax as it doesnt qualify under SAIM12000 - not authorised platform, not treatable irrecoverable as borrowers not in legal recovery, hasnt become irrecoverable as platform hasnt declared it as such. Under whose watch would it be judged losses occurred? COL may not have been an authorised platform but presumably BDO is an authorised administrator.
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