warn
Member of DD Central
Curmudgeon
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Post by warn on Apr 13, 2018 19:42:24 GMT
I ought to know this, or at least be able to find it out for myself, but my Google search composition skills seem to have deserted me. So, who can tell:
If an IFISA loan goes tummy-up, and becomes irrecoverable, can the capital loss be offset against non-IFISA income for tax purposes?
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Post by chris on Apr 13, 2018 20:42:50 GMT
I ought to know this, or at least be able to find it out for myself, but my Google search composition skills seem to have deserted me. So, who can tell: If an IFISA loan goes tummy-up, and becomes irrecoverable, can the capital loss be offset against non-IFISA income for tax purposes? AIUI the answer is no as this came up on a call the other day, but best to check with the customer service team on Monday as they should have an official statement they can make on that.
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cb25
Posts: 3,528
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Post by cb25 on Apr 13, 2018 21:45:47 GMT
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ashtondav
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Post by ashtondav on Apr 14, 2018 6:54:06 GMT
I ought to know this, or at least be able to find it out for myself, but my Google search composition skills seem to have deserted me. So, who can tell: If an IFISA loan goes tummy-up, and becomes irrecoverable, can the capital loss be offset against non-IFISA income for tax purposes? Definitely NO. At least I’m assuming it’s treated the same as ISA Capital losses which cannot be offset against non ISA gains.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 14, 2018 7:05:04 GMT
Definitely not. And p2p losses outside of an IFISA can only be offset against other IF income. Finding out what constitutes IF, apart from p2p, can be tricky though.
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nick
Member of DD Central
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Post by nick on Apr 18, 2018 17:01:11 GMT
Definitely not. And p2p losses outside of an IFISA can only be offset against other IF income. Finding out what constitutes IF, apart from p2p, can be tricky though. Non-IFISA p2p losses only be set-off against (i) capital gains, or (ii) other eligible P2P income (broadly P2P interest from a FCA regulated p2p platform(or EU equivalent)). Some IF lending models such as Market Invoice and Platform Black/Sancus Finance do not fall into the p2p platform criteria and losses on these platforms cannot enjoy loss relief against income. The collapse of Collateral will be an interesting case if losses are suffered as I think they won't meet the criteria leading to a even bitter pill to swallow......
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Post by crabbyoldgit on Apr 18, 2018 17:21:56 GMT
Very very occasionally there's a small advantage in being a poor non tax payer , and this is about the only one I have ever come across. So as you can only claim losses against tax paid and we pay no tax, I cant, I declare the gross interest every year and do not bother with recovering losses against tax as I can not reclaim as I do not pay tax. Ah for the simple life  , however if any one wishes to donate funds per annum so I have to suffer this head ache i will consider your kind donations, a large one 40% rate would be nice, thanks. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 18, 2018 18:09:21 GMT
Definitely not. And p2p losses outside of an IFISA can only be offset against other IF income. Finding out what constitutes IF, apart from p2p, can be tricky though. Non-IFISA p2p losses only be set-off against (i) capital gains, or (ii) other eligible P2P income (broadly P2P interest from a FCA regulated p2p platform(or EU equivalent)). Some IF lending models such as Market Invoice and Platform Black/Sancus Finance do not fall into the p2p platform criteria and losses on these platforms cannot enjoy loss relief against income. The collapse of Collateral will be an interesting case if losses are suffered as I think they will meet the criteria leading to a even bitter pill to swallow...... I suspect you might be missing a won't in place of a will in that last sentence
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Mike
Member of DD Central
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Post by Mike on Apr 18, 2018 19:31:26 GMT
One day, someone will create a platform that wraps almost every investment (including P2P) inside a gambling wrapper. That person will make a lot of money (as long as the rules don't change).
Sadly I'm too poorly connected* to be that person.
*Edit: or too lazy, or too unwilling to become connected. Probably just too poor… without the -ly connected
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, however if any one wishes to donate funds per annum so I have to suffer this head ache i will consider your kind donations, a large one 40% rate would be nice, thanks.