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Post by davefoz on Sept 14, 2021 11:10:11 GMT
Presumably losses & recoveries are accounted for as regards the AA & GBBA in the annual tax statement. But what about manual lending?
In particulars H House 327 & S D x are these now defaults that can be claimed against interest received?
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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 Sept 14, 2021 11:48:51 GMT
Presumably losses & recoveries are accounted for as regards the AA & GBBA in the annual tax statement. But what about manual lending? In particulars H House 327 & S D x are these now defaults that can be claimed against interest received? They became eligible when they went into formal recovery with the start of Insolvency proceedings. The platform declared 327 loss in 2018-19 tax year statement and 330 in 2017-18 Subsequent recoveries will be shown in following years statements. There are no losses/recoveries for the AA to date as the accounts arent structured for individual loans to have an impact in this way until the PF is exhausted and specific loans arent tradeable. Yet to occur
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trium
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Post by trium on Sept 14, 2021 11:52:40 GMT
My understanding is that once a loan is marked Default and the capital value is reduced to zero that loan is eligible for relief, though of course subsequent recoveries must then be declared as income.
Sorry cross-posted
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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 Sept 14, 2021 12:00:32 GMT
My understanding is that once a loan is marked Default and the capital value is reduced to zero that loan is eligible for relief, though of course subsequent recoveries must then be declared as income. Sorry cross-posted Not quite. The loan can be in default but not in formal recovery and wouldnt generally qualify eg 227. The capital value isnt relevant, it can still be 100% because AC expects the administrator to recover all funds but the loan would qualify for loss relief at the point the administrator was appointed as it has entered into formal insolvency
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blender
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Post by blender on Sept 14, 2021 18:30:31 GMT
Excellent explanation, ilmoro. My understanding of the access accounts is that, while the pf performs, we make no claim for tax relief on losses and so we can sell our holdings and move on without a legacy of recoveries and tax payments.
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