nick
Member of DD Central
Posts: 1,055 
Likes: 825
|
Post by nick on Sept 12, 2016 15:44:11 GMT
MoneyThing: I'm finally getting round to completing my 2015/16 tax return. I'm trying to assess whether cash back received on loans earlier in the year are taxable as income. Usually, if the cash back is given by the platform and not by the borrower, I will treat it as an inducement by the platform to transaction (which is arguably not taxable as income) and not as a payment from the borrower for the funding (which would be taxable as income). Can you confirm whether historic cashback has been funded by the platform rather than the borrower directly?
|
|
|
|
Post by MoneyThing on Sept 12, 2016 15:55:59 GMT
MoneyThing : I'm finally getting round to completing my 2015/16 tax return. I'm trying to assess whether cash back received on loans earlier in the year are taxable as income. Usually, if the cash back is given by the platform and not by the borrower, I will treat it as an inducement by the platform to transaction (which is arguably not taxable as income) and not as a payment from the borrower for the funding (which would be taxable as income). Can you confirm whether historic cashback has been funded by the platform rather than the borrower directly? Afternoon Nick, I can confirm that all cashback that has been credited has been funded by MT (and not the borrower). Kind regards, Ed
|
|
nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Sept 12, 2016 17:33:11 GMT
MoneyThing : I'm finally getting round to completing my 2015/16 tax return. I'm trying to assess whether cash back received on loans earlier in the year are taxable as income. Usually, if the cash back is given by the platform and not by the borrower, I will treat it as an inducement by the platform to transaction (which is arguably not taxable as income) and not as a payment from the borrower for the funding (which would be taxable as income). Can you confirm whether historic cashback has been funded by the platform rather than the borrower directly? Afternoon Nick, I can confirm that all cashback that has been credited has been funded by MT (and not the borrower). Kind regards, Ed Great - thanks for the confirmation Ed.
|
|
