duck
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Post by duck on Oct 31, 2019 6:00:32 GMT
I have just received a response to my letter (previous post) it goes as follows Thank you for your query about Peer to Peer lending. I am very sorry for the time it has taken to acknowledge.I appreciate that the circumstances surrounding Collateral UK Ltd are very unusual and also the decision of the Administrators to recall loans and wind up the the business has blurred matters even further.For these reasons I have referred the details to a Policy Specialist to reviewWe will write to you again once a decision has been made.Yours sincerely So there you have it HMRC don't know how to deal with this The policy specialist must be a very busy person since he/she still hasn't got back to me. Further chasing letter sent yesterday.
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duck
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Post by duck on Jan 7, 2020 16:36:00 GMT
The policy specialist must be a very busy person since he/she still hasn't got back to me. Further chasing letter sent yesterday. ... and the response, HMRC can't give me one yet
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sundown
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Post by sundown on Jan 8, 2020 10:51:31 GMT
Thanks for the update duck.
Unfortunately this doesn’t leave much time before the tax return deadline of 31 January!
It would be very useful for me to be able to offset losses on Collateral for the tax year 2018-19 as during this period I received substantial interest on another platform – Funding Secure.
As things stand I’m likely to lose very substantial amounts on FS in the future but won’t have anything to offset these against. And in the meantime I’ll have to pay tax on my FS interest for 2018-19 thus making my overall losses even greater!
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duck
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Post by duck on Jan 8, 2020 11:18:41 GMT
Thanks for the update duck. Unfortunately this doesn’t leave much time before the tax return deadline of 31 January! It would be very useful for me to be able to offset losses on Collateral for the tax year 2018-19 as during this period I received substantial interest on another platform – Funding Secure. As things stand I’m likely to lose very substantial amounts on FS in the future but won’t have anything to offset these against. And in the meantime I’ll have to pay tax on my FS interest for 2018-19 thus making my overall losses even greater! Indeed, HMRC have had the best part of a year to make a decision but they seem reluctant to make one. As you say having relief available would have helped with the current return but as things stand no relief on Col losses (even if the Administrators / Liquidators had completed their work) is available.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 8, 2020 14:26:41 GMT
Thanks for the update duck. Unfortunately this doesn’t leave much time before the tax return deadline of 31 January! It would be very useful for me to be able to offset losses on Collateral for the tax year 2018-19 as during this period I received substantial interest on another platform – Funding Secure. As things stand I’m likely to lose very substantial amounts on FS in the future but won’t have anything to offset these against. And in the meantime I’ll have to pay tax on my FS interest for 2018-19 thus making my overall losses even greater! Hi you are relatively new to the forum so I suggest you choose your comments carefully there are many on here willing to unjustifiably suggest you are less than truthful if you suggest that you made substantial profit on FS. I can confirm that this was achievable with the correct strategy. Unfortunately all my profits and any losses were in FISA I would be more concerned as to when Lendy gets sorted. You won’t go far wrong following the advice of duck and their ilk that can give informed and unbiased assessment and comment.
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Godanubis
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Post by Godanubis on Jan 8, 2020 14:28:52 GMT
The policy specialist must be a very busy person since he/she still hasn't got back to me. Further chasing letter sent yesterday. ... and the response, HMRC can't give me one yet Is their a glimmer of hope in their reply of a conclusion on or shortly after the Two year anniversary?
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sundown
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Post by sundown on Jan 8, 2020 14:55:56 GMT
Thanks for the update duck. Unfortunately this doesn’t leave much time before the tax return deadline of 31 January! It would be very useful for me to be able to offset losses on Collateral for the tax year 2018-19 as during this period I received substantial interest on another platform – Funding Secure. As things stand I’m likely to lose very substantial amounts on FS in the future but won’t have anything to offset these against. And in the meantime I’ll have to pay tax on my FS interest for 2018-19 thus making my overall losses even greater! Hi you are relatively new to the forum so I suggest you choose your comments carefully there are many on here willing to unjustifiably suggest you are less than truthful if you suggest that you made substantial profit on FS. godanubis I went on to say that overall I will have very substantial losses on FS so I'm most certainly not a cheerleader for them!
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Godanubis
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Post by Godanubis on Jan 8, 2020 19:46:02 GMT
Hi you are relatively new to the forum so I suggest you choose your comments carefully there are many on here willing to unjustifiably suggest you are less than truthful if you suggest that you made substantial profit on FS. godanubis I went on to say that overall I will have very substantial losses on FS so I'm most certainly not a cheerleader for them! "I will have very substantial losses" Could you give us the verifiable evidence of actual losses. ?
You are siding with the quessers again. Only 3 of the last 20 loans made a loss and 2 had total value of £3000. The others either paid in full or with slightly reduced interest.
You don't need to cheer them just give as you have in the first part of your statement actual provable facts.
If or when you make an OVERALL loss then report that.
None of the 3 current big hitters in dificulty have concluded administration but still are paying back loans either to your account or bank.
Come back in 2 or three years and report on your overall conclusions.
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sundown
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Post by sundown on Jan 10, 2020 10:54:07 GMT
godanubis are you prepared to put your money where your mouth is?
Would you like to buy my carefully selected FS loans [no 2nd charges or later tranches] which currently have accrued interest of 27% of the capital value for just 75% of the capital value?
Just how strong is your confidence that the remaining loans in FS will come good?
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duck
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Post by duck on Apr 6, 2020 4:50:19 GMT
Just in case there others who like me tend to get stuck into their Tax Return early, this post is simply to say that HMRC are still to reply (in a substantive way) to my questions wrt Col and Tax relief.
Original letter sent 13/02/19 Follow up sent 30/10/2019
Even by HMRCs standards progress towards an answer is glacial (has anything actually happened at HMRC?). The only 'logical' thought I have had as to why HMRC are not giving a ruling is that they have been in touch with the FCA and they have decided to wait on 'the investigation' as well..... but if they have taken that route I fail to see a justification.
Speculation aside, like my work on Col/FCA I will not be dropping this matter, I want answers.
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gwenynwyr
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Post by gwenynwyr on Apr 6, 2020 15:03:58 GMT
Just in case there others who like me tend to get stuck into their Tax Return early, this post is simply to say that HMRC are still to reply (in a substantive way) to my questions wrt Col and Tax relief. Original letter sent 13/02/19 Follow up sent 30/10/2019 Even by HMRCs standards progress towards an answer is glacial (has anything actually happened at HMRC?). The only 'logical' thought I have had as to why HMRC are not giving a ruling is that they have been in touch with the FCA and they have decided to wait on 'the investigation' as well..... but if they have taken that route I fail to see a justification. Speculation aside, like my work on Col/FCA I will not be dropping this matter, I want answers. Have you had a tax statement from Col or Lendy yet?
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duck
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Post by duck on Apr 6, 2020 16:25:03 GMT
Have you had a tax statement from Col or Lendy yet? No and I don't expect to get one. Administrators will not (and cannot) produce tax statements so figures of interest and therefore tax due has to be calculated by investors. With Lendy they were regulated by the FCA so loan relief should be available (my accountants with my approval held this claim last year) but Col (as always) is a 'special case'. Col claimed to be regulated and a false entry on the FCA's IP register backed this up. The FCA have stated that Col was never regulated so currently relief is not available ............. it is this matter that I have taken up with HMRC.
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duck
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Post by duck on Jun 4, 2020 4:30:43 GMT
Still no response from HMRC wrt the tax position when losses are crystallised so I have drafted another letter that will be sent later today. (formatting slightly lost below)
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tommytaylor
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Post by tommytaylor on Jun 4, 2020 7:55:30 GMT
Still no response from HMRC wrt the tax position when losses are crystallised so I have drafted another letter that will be sent later today. (formatting slightly lost below) Thats spot on that Duck. Thanks again for all your help. Hope we get to here something soon before this virus gets me
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ptr120
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Post by ptr120 on Jun 4, 2020 8:59:57 GMT
Surely the only reasonable response from HMRC is that we should be able to offset losses as if they were regulated (as they purported to be regulated).
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