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Post by befuddled on Sept 1, 2017 11:18:19 GMT
I recently took advantage of the exit option - which all went smoothly.
...but I received zero documentation, just a lump sum in my credit account.
The account was closed - so couldn't log in to see final valuation etc...
Have a missed something, I was expected a closing statement at least confirming interest earned for tax return....
Thanks
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Post by GSV3MIaC on Sept 1, 2017 14:21:03 GMT
Contact customer service and they will email you the required information (at least that's what happened after the first free sell-out opportunity). Oh, and check the numbers to make sure they actually sold out and repaid everything, they managed to misplace a few £k of my partner's loan parts.
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duck
Member of DD Central
Posts: 2,575 
Likes: 5,677
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Post by duck on Sept 1, 2017 15:15:39 GMT
Contact customer service and they will email you the required information (at least that's what happened after the first free sell-out opportunity). Oh, and check the numbers to make sure they actually sold out and repaid everything, they managed to misplace a few £k of my partner's loan parts. Yes they did send out the information but it included the following The above statement includes the interest earned before the fee free Sellout was performed (net interest) and the Sellout fees (total reimbursed fees) that were reimbursed afterward.
It is not possible to Sellout from contracts less than £10 therefore these were reimbursed so your account could be closed.
Although these fees were reimbursed, we cannot confirm if they count towards your taxable income. The tax you have to pay is dependent on your individual circumstances and may be subject to change in the future. We would encourage you to seek independent advice on how much tax you will need to pay.
All 3 of of my statements showed fees (that are normally deductible) far in excess of the net interest ...... gross interest wasn't mentioned!
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Post by GSV3MIaC on Sept 1, 2017 15:36:01 GMT
Sounds like you have what you need .. gross interest is just net interest plus the fees (which they refunded). Up to you / your accountant to decide which to pay tax on. Is a fee refund taxable? Your guess is better than theirs, it seems.
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duck
Member of DD Central
Posts: 2,575
Likes: 5,677
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Post by duck on Sept 1, 2017 16:03:41 GMT
Yes I agree it is all there, but not possibly in as clear a format as most investors would like. The reason that I mentioned 'net' was because this was a tax statement the logical thought would be 'net of tax' which the figures are definitely not. I have sent my accountants the statement to see what they make of the 'refunded fees', not got anything back yet, probably sorting through my Bondora default spreadsheets  |
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Post by befuddled on Sept 19, 2017 9:41:06 GMT
About 6 weeks after the exit funds were in my current account (with no covering or explanatory letter/email) - I received an email from RS with breakdown of
capital/interest
Rather a long gap, but it all worked out in the end without me needing to chase...
Your Free Sell-Out is Complete
Dear ---
Account Number: ---
We have now sold out your matched loan contracts per your request. Your RateSetter account has been closed. Below is a statement of your account on the day of closing:
Holding account £4.56
On market £0.00
Rolling market £----
1 year market £0.00
3 year market £0.00
5 year market £---
Investment value at account closure £---
Interest £37.10
Sell-out fees due (£196.47)
Sell-out fees rebated £196.47
Paid to bank account £---
Bank Account Details
The funds from your free sell-out would normally be paid to the bank account that is registered with your RateSetter account. If we do not have a registered bank account for you, the proceeds will remain in your RateSetter holding account.
If you would like to update your bank account details, please call us on 020 3142 6226.
How quickly you receive your funds into your bank account will depend on how quickly your bank processes the payment. It should normally be within 3 to 5 working days.
Tax Statements
In April 2018, we will automatically email a tax certificate to you for the 2017/18 tax year. Please ensure that we have your up to date email address.
We’d Love to Welcome You Back
Thank you very much for investing with RateSetter. We would like to welcome you back to RateSetter in the future, feel free to open a new account and start investing again.
If you have any questions, please call us on 020 3142 6226.
Kind regards,
Lucy Bott
Head of Customer Operations
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1stwaz
Member of DD Central
Posts: 57
Likes: 29
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Post by 1stwaz on Nov 11, 2017 20:15:14 GMT
Now I come to sort out tax for 2016-17 I find the last email I had from RS with the tax statement (net interest, fees refunded, etc) is completely incorrect when it comes to the interest amount. I have emailed customer support... but it looks like these statements should be checked carefully. Thanks for the info, very useful!
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