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Post by andrewholgate on Dec 18, 2014 14:49:48 GMT
We have been told that HMRC have told the borrower they do not need to withhold tax. We will now get an update payment and gross payments thereafter.
Andrew
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pikestaff
Member of DD Central
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Post by pikestaff on Dec 18, 2014 22:11:37 GMT
Great news! I don't suppose they've said why? Perhaps it's better not to press.
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Post by bracknellboy on Dec 18, 2014 23:07:21 GMT
We have been told that HMRC have told the borrower they do not need to withhold tax. We will now get an update payment and gross payments thereafter. Andrew I hope that Chris and his team (?) will be getting a Xmas bonus for having run round like hamsters on an elevated FiT rate to implement a reporting change which is no longer needed :-) (well until the Govt implements withholding tax that I'm sure ACs systems were designed for but not with..)
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Post by andrewholgate on Dec 19, 2014 12:09:04 GMT
Great news! I don't suppose they've said why? Perhaps it's better not to press. As I mentioned a few days back, we had been talking to HMRC about the issue. It seems a severe bout of common sense has broken out at HM Treasury.
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Post by bracknellboy on Dec 19, 2014 12:19:11 GMT
... It seems a severe bout of common sense has broken out at HM Treasury. Nope, sorry, don't buy it. That would never happen.
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bugs4me
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Post by bugs4me on Dec 19, 2014 12:32:05 GMT
... It seems a severe bout of common sense has broken out at HM Treasury. Nope, sorry, don't buy it. That would never happen. You're being cynical bracknellboy - they must have the odd nanosecond once in a blue moon. AH caught them at the right time. 
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mikes1531
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Post by mikes1531 on Dec 19, 2014 23:08:33 GMT
... It seems a severe bout of common sense has broken out at HM Treasury. Nope, sorry, don't buy it. That would never happen. Is it time to bring out ilmoro's hat?
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Post by stuartassetzcapital on Jan 2, 2015 16:52:06 GMT
I was in that meeting and yes a burst of common sense did indeed break out and perhaps not that uncommon in p2p space on some other upcoming matters too !
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pikestaff
Member of DD Central
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Post by pikestaff on Jul 9, 2015 6:19:41 GMT
Just to flag that this may not be the end of the story. Extract from yesterday's Summer Budget:
2.75 Peer to peer withholding tax – At Autumn Statement 2014 the government
announced that new rules on how withholding tax applied on P2P loans would take effect
from April 2017. The government will consult on the proposals over summer 2015. (Finance Bill
2016)
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