duck
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Post by duck on Jun 4, 2020 15:07:21 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). Whilst you would like to think that do not ever take anything for granted with HMRC until you see it written down.
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duck
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Post by duck on Sept 26, 2020 11:38:58 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) Note my final sentence in the letter "A prompt reply detailing the appropriate ruling from your ‘Policy Specialists’ would be appreciated." Today nearly 4 months later I received a reply. 18 months in and counting, sigh.
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duck
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Post by duck on Oct 7, 2020 12:21:51 GMT
HMRC ARE SAYING NO TAX RELIEF AVAILABLE ON COL LOSSES.
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IFISAcava
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Post by IFISAcava on Oct 7, 2020 12:59:44 GMT
HMRC ARE SAYING NO TAX RELIEF AVAILABLE ON COL LOSSES. you know, I wish people had never asked.
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duck
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Post by duck on Oct 7, 2020 13:20:21 GMT
HMRC ARE SAYING NO TAX RELIEF AVAILABLE ON COL LOSSES. you know, I wish people had never asked. Why? The FCA were very clear with their first statement " In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." This instantly ruled out being able to claim tax relief.
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duck
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Post by duck on Oct 7, 2020 15:33:32 GMT
I'm not sure HMRC have fully understood Cols Part4A application (it was for "to operate an electronic system....." FOI) and the FCAs IP regime, I will be getting back to them.
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iren
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Post by iren on Oct 7, 2020 15:40:08 GMT
HMRC ARE SAYING NO TAX RELIEF AVAILABLE ON COL LOSSES. Thanks for this information. I note that HMRC’s letter contains incidental clarification on a question that has been raised elsewhere on this forum i.e. that P2P capital losses can be offset only against P2P profits.
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james100
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Post by james100 on Oct 7, 2020 17:40:35 GMT
I'm not sure HMRC have fully understood Cols Part4A application (it was for "to operate an electronic system....." FOI) and the FCAs IP regime, I will be getting back to them. It's a low-quality response isn't it, especially after all this time and the amount of chasing you've done.
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james100
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Post by james100 on Oct 7, 2020 17:51:18 GMT
HMRC ARE SAYING NO TAX RELIEF AVAILABLE ON COL LOSSES. Thanks for this information. I note that HMRC’s letter contains incidental clarification on a question that has been raised elsewhere on this forum i.e. that P2P capital losses can be offset only against P2P profits. I took the letter wording to refer implicitly to "P2P loss relief" i.e. the income tax relief only available to "eligible" P2P loans. But P2P loans, either "eligible" or not are not automatically disqualified from CG loss relief (if that is applicable depending on the loan type). Income tax relief, if applicable, must be exhausted first prior to CG loss relief kicking in, though. www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12210I am not suggesting Collateral losses can or should be declared as CG losses on a whole or loan-by-loan basis, by the way (although I will be looking into it when BDO finally completes things).
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IFISAcava
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Post by IFISAcava on Oct 7, 2020 18:13:26 GMT
you know, I wish people had never asked. Why? The FCA were very clear with their first statement " In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." This instantly ruled out being able to claim tax relief. If one felt it was very clear, surely no need to ask HMRC?
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james100
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Post by james100 on Oct 7, 2020 19:31:20 GMT
I'm not sure HMRC have fully understood Cols Part4A application (it was for "to operate an electronic system....." FOI) and the FCAs IP regime, I will be getting back to them. Not sure whether this is relevant but collateral rep discussed their permission to operate Vs application status here: p2pindependentforum.com/thread/7708/regulatory-permissions
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Greenwood2
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Post by Greenwood2 on Oct 7, 2020 19:32:17 GMT
Why? The FCA were very clear with their first statement " In fact, none of the Collateral Companies held any valid authorisation or permission to carry on regulated activities." This instantly ruled out being able to claim tax relief. If one felt it was very clear, surely no need to ask HMRC? Live in hope HMRC will make an exception since people were mislead?
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ilmoro
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Post by ilmoro on Oct 7, 2020 19:33:08 GMT
I'm not sure HMRC have fully understood Cols Part4A application (it was for "to operate an electronic system....." FOI) and the FCAs IP regime, I will be getting back to them. Not sure whether this is relevant but collateral rep discussed their permission to operate Vs application status here: p2pindependentforum.com/thread/7708/regulatory-permissionsYeah, but it was rubbish as they never had the Interim Permission they claimed. Unlike the FCA, a poster in that thread spotted the potential flaw in their permissions but none of us really understood the significance.
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james100
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Post by james100 on Oct 7, 2020 19:38:07 GMT
Yeah, but it was rubbish as they never had the Interim Permission they claimed I know, I was linking this statement (in my head and without explanation) to para 4 in the HMRC letter duck posted. I just liked nick 's post on that about 3.5 years late 😁
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ozboy
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Post by ozboy on Oct 7, 2020 19:50:10 GMT
HMRC the FCA Administrators Platform Directors Valuers RICS Introducers
Just one big happy family, all lining up to Gang Bang lenders.
Thank Fornication we have Duck and Lings beavering away, they're our best hope really. [Massive Thumbs Up Emoticon here. ]
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