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 Oct 7, 2020 19:50:49 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 😁 The HMRC letter is correct in that none ever stated they had the full permission but yes, I see in the context youve added, that it is incorrect in that both the FCA and Collateral stated that it had the required permissions to act as a P2P 'operator' under the transitional regime as you only needed consumer credit permissions (not that Coll had those either of course) All comes down to the definition of the word 'operator' which in regards to loss relief is defined in the Income Tax Act 2007 as having Part 4A permission defined in article 36h FSMA 2000, (Reg Act Order 2001).
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IFISAcava
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Post by IFISAcava on Oct 7, 2020 21:33:33 GMT
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? Well, let it slip under their radar rather than forcing them to confront and think about it would have been my approach
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duck
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Post by duck on Oct 8, 2020 4:16:59 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? For the simple reason that I don't want to leave any stone unturned wrt Col. As I have stated before my amount 'invested' is small but I know others will almost certainly loose life changing amounts. With very large losses coming from BDO any Tax Relief available would go a small way to minimising these losses. HMRC have obviously been speaking to the FCA and/or BDO (previous but one response) but their response is in some ways muddled. As part of the IP regime submission of a Part4A application deemed the authorised person to be operating with permissions (set in legislation), in the case of Col this was to operate an electronic platform. The FCAs argument is that the Part 4A application was invalid, it was, but of course the FCA didn't bother to check it (FOI). The FCA then worked with this Part4A application for the best part of 2 years missing their statutory requirement to deal with the application in 12 months or less. The FCA was working under the IP regime (as it was for all other P2p Platforms) and hence Tax Relief was/is available. Col should be no different. To be continued .......
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Greenwood2
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Post by Greenwood2 on Oct 8, 2020 5:50:51 GMT
Live in hope HMRC will make an exception since people were mislead? Well, let it slip under their radar rather than forcing them to confront and think about it would have been my approach I expect a large number of lenders are not even aware there is a problem with claiming, I don't remember anything official being circulated about it, ignorance is bliss (unless HMRC check).
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