bugs4me
Member of DD Central
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Post by bugs4me on Nov 25, 2014 12:40:25 GMT
<snip> Where on the site does it state clearly that they actually will pay tax on 9.5%-9.75%? OG - I don't think it does but then again I simply cannot be bothered to read the stuff again. My interest in GEIA is now at minus zero. More relevant is that AC seem to have gone very quiet round here about the GEIA. Being a new 'product' I would have thought they would have been more actively involved to clarify any issues raised. Oh well 
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Nov 25, 2014 12:50:29 GMT
At this rate I can see the GEIA not taking off!!! All AC would need now to is a WT to default before it's first payment, testing the PF before it had even got going. Oh just a minute Fal***th seems to have been suspended ... For a long time you and I have banged on about the need to keep KISS in the forefront of AC's mind but it seems to no avail because now it is the "techies who know best". Now it seems as far as AC is concerned KISS has become "KISS MY A**E".
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Nov 25, 2014 13:01:16 GMT
<snip> Where on the site does it state clearly that they actually will pay tax on 9.5%-9.75%? OG - I don't think it does but then again I simply cannot be bothered to read the stuff again. My interest in GEIA is now at minus zero. More relevant is that AC seem to have gone very quiet round here about the GEIA. Being a new 'product' I would have thought they would have been more actively involved to clarify any issues raised. Oh well I wasn't having a go at you. I was (basically) emphasising that AC do not tell anyone that this situation applies ...... and doesn't tell us very quickly that it doesn't. I suspect questions are being asked "upstairs".
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bugs4me
Member of DD Central
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Post by bugs4me on Nov 25, 2014 13:14:29 GMT
OG - I don't think it does but then again I simply cannot be bothered to read the stuff again. My interest in GEIA is now at minus zero. More relevant is that AC seem to have gone very quiet round here about the GEIA. Being a new 'product' I would have thought they would have been more actively involved to clarify any issues raised. Oh well I wasn't having a go at you. I was (basically) emphasising that AC do not tell anyone that this situation applies ...... and doesn't tell us very quickly that it doesn't. I suspect questions are being asked "upstairs". I wasn't taking it that way grumps. The query has been raised and needs nipping in the bud by AC themselves whether it's for better or worse. Agree that 'upstairs' is probably a very busy place ATM.
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Post by Ton ⓉⓞⓃ on Nov 25, 2014 13:22:49 GMT
<snip> Where on the site does it state clearly that they actually will pay tax on 9.5%-9.75%? OG - I don't think it does but then again I simply cannot be bothered to read the stuff again. My interest in GEIA is now at minus zero. More relevant is that AC seem to have gone very quiet round here about the GEIA. Being a new 'product' I would have thought they would have been more actively involved to clarify any issues raised. Oh well Have you ever heard of Zopa? I hear they're very good, they explain things; like how their queuing system works... They're very good on the Forum tooooo
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sand2880
Member of DD Central
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Post by sand2880 on Nov 25, 2014 13:35:26 GMT
Reviewing the GEIA proposition it states that the Lender return of 7% P.A. gross.
Minimum borrower loan interest rate of 7% P.A. gross on individual loans
and Loan interest above the 7% rate, less any contractual fees due to Assetz Capital, will be used to fund the Provision Fund. The provision fund is funded through a part of the interest rate coupon paid by the borrower.
There is no mention that the provision fund is funded from investors and any structure that took a part of the investors gross income that is taxable to fund the provision fund would not be acceptable or an efficient way to structure this account.
I had interest paid from Aberdeen WT today with no deductions for the provision fund.
There is always going to be clarification with how new accounts work under the hood but this needs confirmation as soon as possible.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 25, 2014 13:41:26 GMT
A year ago AC was the place to be. Yep I totally agree.I fully envisaged building a six figure, diverse portfolio and got just over half way before the world changed,overwhelmingly for the worst. It's not the new website that bothers me it's the whole change in ethos whereby retail investors are now on the periphery that leaves me completely disillusioned. I'm now reducing my holding where I can and am right pi***d off that I've still got some legacy shadow bids that I'm going to have to honour.As for the new green cr*p I'm not in the least interested and am a bit surprised that so many of you seem to be (or is it just curiosity?)
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Post by yorkshireman on Nov 25, 2014 13:47:27 GMT
For a long time you and I have banged on about the need to keep KISS in the forefront of AC's mind but it seems to no avail because now it is the "techies who know best". Now it seems as far as AC is concerned KISS has become "KISS MY A**E". Spot on, I couldn’t have worded that more succinctly myself.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Nov 25, 2014 13:54:54 GMT
.........................and am a bit surprised that so many of you seem to be (or is it just curiosity?) I'm always curious to understand how all aspects of a platform I invest in work, but in this case I happen to be about to start managing some maturing lumps of money for my relatively risk averse mother, some of it next week, so I was particularly curious about this, which on the face of it seemed ideal for a proportion of it. At the moment, looking like I'll be putting it somewhere else, at least the first lump and at least for a while.
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Post by Ton ⓉⓞⓃ on Nov 25, 2014 14:06:09 GMT
Reviewing the GEIA proposition it states that the Lender return of 7% P.A. gross. Minimum borrower loan interest rate of 7% P.A. gross on individual loans and Loan interest above the 7% rate, less any contractual fees due to Assetz Capital, will be used to fund the Provision Fund. The provision fund is funded through a part of the interest rate coupon paid by the borrower. There is no mention that the provision fund is funded from investors and any structure that took a part of the investors gross income that is taxable to fund the provision fund would not be acceptable or an efficient way to structure this account. I had interest paid from Aberdeen WT today with no deductions for the provision fund. There is always going to be clarification with how new accounts work under the hood but this needs confirmation as soon as possible. here's a screen shot of my payments today,  Doc2 AC.doc (138 KB) I and I think everyone are paying fractions of a penny?
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Post by batchoy on Nov 25, 2014 14:07:34 GMT
I'd imagine that AC have been told by some lawyer that they should not engage, under any circumstances, with any matters related to taxation. I don't see that, as AC need to produce a tax statement on their site which is compliant with HMRC requirements, therefore there is no reason why they cannot explain how the tax statement will be calculated for each of their products, at the very least for this financial year.
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markr
Member of DD Central
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Post by markr on Nov 25, 2014 14:08:48 GMT
At the moment, looking like I'll be putting it somewhere else, at least the first lump and at least for a while. I reckon Ratesetter is the current best choice for the risk averse (garish website notwithstanding). Ahem, PM me if you'd like a referral link 
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Post by batchoy on Nov 25, 2014 14:15:45 GMT
A year ago AC was the place to be. Yep I totally agree.I fully envisaged building a six figure, diverse portfolio and got just over half way before the world changed,overwhelmingly for the worst. It's not the new website that bothers me it's the whole change in ethos whereby retail investors are now on the periphery that leaves me completely disillusioned. I'm now reducing my holding where I can and am right pi***d off that I've still got some legacy shadow bids that I'm going to have to honour.As for the new green cr*p I'm not in the least interested and am a bit surprised that so many of you seem to be (or is it just curiosity?) I have no money in the Green Fund and don't intend putting any in as I am on a phased withdrawal from the platform (no new money, withdrawal of interest and capital repayments and sales of less desirable loans), but since I have some funds which may be tied up in the platform for some time I take an interest in what AC are doing and the direction they are going in.
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Post by oldnick on Nov 25, 2014 14:25:27 GMT
A year ago AC was the place to be. Yep I totally agree.I fully envisaged building a six figure, diverse portfolio and got just over half way before the world changed,overwhelmingly for the worst. It's not the new website that bothers me it's the whole change in ethos whereby retail investors are now on the periphery that leaves me completely disillusioned. I'm now reducing my holding where I can and am right pi***d off that I've still got some legacy shadow bids that I'm going to have to honour.As for the new green cr*p I'm not in the least interested and am a bit surprised that so many of you seem to be (or is it just curiosity?) In that underwriters cannot continue to underwrite without retail investors to sell on to, that makes them an essential part of the business model rather on the periphery doesn't it? If there are investors with big wallets disguised as underwriters that's another matter.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Nov 25, 2014 14:36:13 GMT
At the moment, looking like I'll be putting it somewhere else, at least the first lump and at least for a while. I reckon Ratesetter is the current best choice for the risk averse (garish website notwithstanding). Ahem, PM me if you'd like a referral link Thanks, but I'm already a member there - I'll be getting her referral bonus for myself  (Incidentally, also one of the reasons I'm swerving away from AC's Green Monster, because their customer services tell me they wouldn't give me a referral bonus even though it could be for a considerable 5 figure sum. With both Zopa and RS when you take into account the bonuses paid to both parties it can amount to quite a percentage increase on the first year's investment.)
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