amwinv
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Post by amwinv on Apr 11, 2019 10:54:46 GMT
... buy on the SM at a discount and you'll likely end up with a capital gain at the end of it. If you're nowhere near the CGT thresholds (either for actual gains or volume of disposals) then not a worry... Ooh, I didn't know this. Thanks for pointing it out pom! I'm only recently on AC (and now will have to deal with this for MT). Do platforms have a section on the tax statement to confirm the figure? Or do we have to keep track manually? I've just seen the CGT allowance is 12k though, so I don't think I'll get even close!!! *EDIT* I've just seen MT have answered this one their VSM T&C's Will my gains and losses be displayed on the tax statement? No. As each individual’s circumstances are different, to display net gains and losses on the tax statement may be misleading. Instead, the ‘export’ function allows lenders to export all transactions and shows the gains and losses by loan. You can then use this information to work out the tax implications for you.
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Post by sirkillalot on Apr 11, 2019 10:56:09 GMT
Hold onto your hats - this might be fun
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Post by MoneyThing on Apr 11, 2019 11:02:46 GMT
Platform now suspended...
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Post by Deleted on Apr 11, 2019 11:05:13 GMT
I've just seen the CGT allowance is 12k though, so I don't think I'll get even close!!! You also have to make a full CGT report to HMRC if you make 45k of total sales, even if you have made no gains.
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amwinv
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Post by amwinv on Apr 11, 2019 11:06:45 GMT
I've just seen the CGT allowance is 12k though, so I don't think I'll get even close!!! You also have to make a full CGT report to HMRC if you make 45k of total sales, even if you have made no gains. Good to know. Thanks!
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pom
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Post by pom on Apr 11, 2019 11:08:48 GMT
... buy on the SM at a discount and you'll likely end up with a capital gain at the end of it. If you're nowhere near the CGT thresholds (either for actual gains or volume of disposals) then not a worry... Ooh, I didn't know this. Thanks for pointing it out pom ! I'm only recently on AC (and now will have to deal with this for MT). Do platforms have a section on the tax statement to confirm the figure? Or do we have to keep track manually? I've just seen the CGT allowance is 12k though, so I don't think I'll get even close!!! I can't answer for all platforms but in my experience so far nope (ABL don't and MT told the Beta testers the wouldn't) - partly cos there are so many different ways you can deal with CGT - so you'll potentially have to do some spreadsheeting. It's not just the gain you need to worry about tho, there's also a reporting threshold at disposals=4x allowance (even if no gain) - less likely on MT unless you're a really big hitter (as it will "only" count for every loan part you buy on the SM that later repays or you sell on) but if you also use ABL, and have an active S&S portfolio (if not, why not?) it can soon add up. www.gov.uk/government/publications/debts-and-capital-gains-tax-hs296-self-assessment-helpsheet/hs296-debts-and-capital-gains-tax-2016See the section on Simple Debts for MT.
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Post by mrclondon on Apr 11, 2019 11:44:48 GMT
Whilst the techies do their thing, its worth a read through the FAQ pdf that has appeared on the Support/General updates tab.
It gives a good overview of the mechanics of how it will operate. The notable bit is the discounts will be at 0.5% increments upto a max of 25%.
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hazellend
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Post by hazellend on Apr 11, 2019 11:57:39 GMT
Whilst the techies do their thing, its worth a read through the FAQ pdf that has appeared on the Support/General updates tab.
It gives a good overview of the mechanics of how it will operate. The notable bit is the discounts will be at 0.5% increments upto a max of 25%.
That’s good
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hazellend
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Post by hazellend on Apr 11, 2019 12:00:36 GMT
Can somebody remind me if loan parts sold at discount can be offset against savings income tax
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pom
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Post by pom on Apr 11, 2019 12:18:55 GMT
Can somebody remind me if loan parts sold at discount can be offset against savings income tax Seems unlikely unless its under some other tax stuff. It's not a p2p loss anyway, because it hasn't defaulted/failed to recover when you sell it,so you're not going to be able to offset it against p2p income
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Post by mrclondon on Apr 11, 2019 12:24:47 GMT
Now appears to be live ... a few blocks of £5000 at 0.5% discount being offered.
(Our discussion on Newcastle U L up thread was of course futile - that loan has been suspended from trade for several months)
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Post by MoneyThing on Apr 11, 2019 12:26:49 GMT
Afternoon.
Everything back up and running now.
Kind regards,
Ed
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Post by sirkillalot on Apr 11, 2019 12:29:04 GMT
No big discounts on offer - nothing temping me so far .....
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Post by Ace on Apr 11, 2019 12:53:33 GMT
No big discounts on offer - nothing temping me so far ..... I picked up some c* b* tranche A at 90%.
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Post by Ace on Apr 11, 2019 13:09:05 GMT
MoneyThing , it would be useful if the discount was specified in the recent investments tab.
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