|
|
Post by p2psws on Nov 9, 2021 10:42:33 GMT
Hi guys
I claimed losses against income for 17/18 and after. Is there anything that could be evidenced as 'loans deemed irrecoverable' for tax year 16/17 (and earlier)? Has anyone else done this? If so, what evidence did you have?
My thinking is that I could write to HMRC and ask them to amend the earlier tax year and provide a tax rebate. But I would have to show evidence that - at that point - the loans were deemed irrecoverable.
Thanks
|
|
ukinvestor
Member of DD Central
Posts: 116
Likes: 34
|
Post by ukinvestor on Nov 10, 2021 8:59:47 GMT
Or on a more general note: Do we have to wait for the platform to declare loans being irrecoverable or can we make our own judgement with some justification? E.g. Legal action against Grupeer...
Recently, I have seen the term charge off being used instead of write off, which seems to be a bit fluffier.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
Likes: 11,549
|
Post by ilmoro on Nov 10, 2021 10:10:23 GMT
p2psws There are a few loans that were eligible in 16/17 p2pindependentforum.com/thread/12601/lendy-distressed-loans-loss-reliefAIUI tax returns can only be amended within 12 months of filing so changing your 16/17 return is not possible so you would need to write to HMRC. However, I believe the limit for claiming a refund is 4 years so you may be out of time on that. www.gov.uk/self-assessment-tax-returns/correctionsukinvestor No, HMRC rules do allow to make your own judgment under SAIM12000. The criteria for P2P loss relief is in most cases considered to be the loan is in legal recovery ie borrower is in administration, receivership, bankruptcy. There are other criteria for loans to qualify. It has to be a platform with UK permission or an recognised equivalent and it has to be article 36h compliant (operating an electronic platform in relation to lending), not just the wider definition of p2p eg loans on Somo, Capitalrise, Lendinvest dont qualify as they dont have the required permission nor do M1 Lendy loans as they arent A36h It is not the platform status that qualifies, so Lendy, MT being in administration is not a valid criteria and legal action against Grupeer, assuming it met the permission criteria, wouldnt be a valid reason. Losses that arent covered by SAIM12000 may be claimable against CGT. As ever not advice.
|
|
|
|
Post by p2psws on Nov 11, 2021 10:02:40 GMT
Thanks ilmoro . I was expecting to have to write to HMRC, so no surprise there, but I didnt know the 4 years cut off date. Perhaps Ill just be in time.  I have money in all the 2016/17 loans on your list. When I write to them, how best to present the data? Should I literally write something like "CH reciever appointed over corporate borrowers, 19/9/16, compulsory liquidation both 20/9/17. Individual borrower made bankrupt 25/7/16"
|
|
warn
Member of DD Central
Curmudgeon
Posts: 638
Likes: 659
|
Post by warn on Dec 21, 2021 15:01:02 GMT
...There are other criteria for loans to qualify. It has to be a platform with UK permission or an recognised equivalent and it has to be article 36h compliant (operating an electronic platform in relation to lending)... I hope this is an appropriate thread, and I am relying on the theory that there are no stupid questions other than those you don't ask. Come next April, for HMRC P2P loss with Lendy purposes, am I right in assuming that I can only count unrecovered investments made after Lendy became fully authorised (11 July 2018), or can I go back to interim permission (1 April 2014)? Any informed opinion gratefully received, with the full understanding that you're not authorised to offer advice etc etc....
|
|
