Greenwood2
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Qardus
Oct 5, 2022 17:01:39 GMT
Post by Greenwood2 on Oct 5, 2022 17:01:39 GMT
Do they ever reply to queries? I usually receive a reply, but seem to recall that one message did go unanswered. No reply from a few days ago so live in hope.
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littleoldlady
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Post by littleoldlady on Oct 5, 2022 17:52:27 GMT
I think they make it clear that tax is a matter between the customer and HMRC and they cannot comment
I seem to remember an authority saying, on a similar issue, you can put a label on a dog saying "cat" but it's still a dog (or words to that effect).
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Greenwood2
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Qardus
Oct 5, 2022 18:12:14 GMT
Post by Greenwood2 on Oct 5, 2022 18:12:14 GMT
I think they make it clear that tax is a matter between the customer and HMRC and they cannot comment I seem to remember an authority saying, on a similar issue, you can put a label on a dog saying "cat" but it's still a dog (or words to that effect). I wasn't asking about tax.
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littleoldlady
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Post by littleoldlady on Oct 6, 2022 7:41:18 GMT
I think they make it clear that tax is a matter between the customer and HMRC and they cannot comment I seem to remember an authority saying, on a similar issue, you can put a label on a dog saying "cat" but it's still a dog (or words to that effect). I wasn't asking about tax. And I was not replying to you.
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ilmoro
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'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 Dec 12, 2022 17:57:12 GMT
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littleoldlady
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Qardus
Dec 14, 2022 13:28:47 GMT
Post by littleoldlady on Dec 14, 2022 13:28:47 GMT
In the cash account statement it states that the first principal payment for H**way H*** is the "Final principal payment". I hope this is not an accurate prediction!
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Post by Ace on Dec 14, 2022 13:37:17 GMT
In the cash account statement it states that the first principal payment for H**way H*** is the "Final principal payment". I hope this is not an accurate prediction! That's the final principal payment for the first H* H* loan. Now fully repaid.
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billt
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Qardus
Jul 13, 2023 12:13:38 GMT
Post by billt on Jul 13, 2023 12:13:38 GMT
Don't want to start new thread, I am sure this has been asked before, is the interest classed as income / dividend?
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Post by overthehill on Jul 13, 2023 12:27:03 GMT
Don't want to start new thread, I am sure this has been asked before, is the interest classed as income / dividend?
Well I class it as dividend which is very likely not a certainty to be correct!
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Greenwood2
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Qardus
Jul 13, 2023 12:47:27 GMT
Post by Greenwood2 on Jul 13, 2023 12:47:27 GMT
It has been discussed before, it is dividends, but because it's dividend to avoid paying interest as a Sharia compliant investment it might/should be declared as interest. I looked it up but no exactly equivalent examples I could see. As I remember there are examples of buying and selling at a profit deliberately to generate profit rather than interest (for Sharia reasons) then the profit would be taxed as equivalent to interest to bring it into line with UK rules (I think), but inside an SPV I don't know. A murky area.
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Qardus
Jul 13, 2023 14:01:10 GMT
Post by Ace on Jul 13, 2023 14:01:10 GMT
In previous years I've declared the Qardus profit as dividends on my tax return, because Q labelled the payments as dividends and had a link to hmrc dividend rules in their IMs. I got away with this as it wasn't challenged by hmrc. Since then I spent some time investigating the issue and convinced myself that this is incorrect, and that the profit should be declared as interest. So, I now declare it as interest on my tax return. This has also been accepted by hmrc. I didn't keep the details of my research. I just wrote in capitals on my spreadsheet to declare the profit as interest, but a simple Google search for "how are murabaha agreements taxed in the uk". Here's one result.
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Greenwood2
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Post by Greenwood2 on Jul 13, 2023 14:52:40 GMT
In previous years I've declared the Qardus profit as dividends on my tax return, because Q labelled the payments as dividends and had a link to hmrc dividend rules in their IMs. I got away with this as it wasn't challenged by hmrc. Since then I spent some time investigating the issue and convinced myself that this is incorrect, and that the profit should be declared as interest. So, I now declare it as interest on my tax return. This has also been accepted by hmrc. I didn't keep the details of my research. I just wrote in capitals on my spreadsheet to declare the profit as interest, but a simple Google search for "how are murabaha agreements taxed in the uk". Here's one result. I was convinced it should be treated as interest (found pretty much the same guidelines), but thinking about it further if the transactions are within an SPV and the SPV pays dividends does it matter where the funds came from within the SPV? I couldn't find any references to that situation so I've moved into the don't know camp. If some other SPV (non Sharia) was receiving interest into the SPV, but paying dividends to the shareholders what would those be treated as? If interest then Qardus should be interest, if dividend I don't think so. The rules are meant to put Sharia compatible investments on the same footing as standard investments.
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