pikestaff
Member of DD Central
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Post by pikestaff on Apr 28, 2022 8:26:32 GMT
I have p2p tax losses (from TC) that I'd like to use up. I can't offset them against income on our other p2p investments, which are in my wife's name (also she has some TC losses as well). So I'm looking for some new p2p investments for myself.
If the Assetz quick access accounts were open I'd go there, but they are still effectively closed. New manual investments on Assetz at 5% don't appeal, even if I could invest significant sums, which is doubtful.
Two questions:
1. Does anyone know whether investments on Assetz Exchange qualify as p2p for UK tax purposes? They must be Article 36H agreements to qualify. I could not find anything about tax on their website.
2. Any suggestions for alternative UK p2p platforms where I can deploy funds reasonably quickly without taking silly risks? To use up all my losses I will need to invest between £50k and £100k, depending on rates.
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Post by Ace on Apr 28, 2022 8:59:57 GMT
You can deploy funds on Loanpad within a day. They would be instantly diversified over all loans on the platform (currently 146). Best give them a call to check 36H compliance first.
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Greenwood2
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Post by Greenwood2 on Apr 28, 2022 10:02:31 GMT
Elfin Market, has been very quick to deploy not sure about that size of deposit mine are much smaller! Seems to be well diversified and rates are pretty good.
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ilmoro
Member of DD Central
'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 Apr 28, 2022 11:38:53 GMT
I have p2p tax losses (from TC) that I'd like to use up. I can't offset them against income on our other p2p investments, which are in my wife's name (also she has some TC losses as well). So I'm looking for some new p2p investments for myself. If the Assetz quick access accounts were open I'd go there, but they are still effectively closed. New manual investments on Assetz at 5% don't appeal, even if I could invest significant sums, which is doubtful. Two questions: 1. Does anyone know whether investments on Assetz Exchange qualify as p2p for UK tax purposes? They must be Article 36H agreements to qualify. I could not find anything about tax on their website. 2. Any suggestions for alternative UK p2p platforms where I can deploy funds reasonably quickly without taking silly risks? To use up all my losses I will need to invest between £50k and £100k, depending on rates. It certainly my understanding that AE are a P2P lender and they have required electronic lending permission. The investments are loans to a project specific SPV & pay interest plus up to 3% of any capital growth (capped by HMRC to qualify as P2P AIUI) There are a few early projects which pay dividends because of the nature of the income. Agreements are viewable. That said I would say best to check as they are slightly odd in their structure compared to standard platforms. I would also suggest that you might struggle to deploy that level of funds well diversified without paying a premium on the market. There is a reasonable pipeline coming & you would I assume qualify as a premium investor so get early access & bonus rates to act as a defacto UW.
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pikestaff
Member of DD Central
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Post by pikestaff on Apr 28, 2022 13:21:28 GMT
ilmoro Thank you. I have spoken to Loanpad, who have confirmed that they are 36H compliant.
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pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
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Post by pikestaff on Apr 28, 2022 14:10:49 GMT
I have now signed up. The quiz to be let in was significantly harder than ones I've done in the past. I actually had to think about some of the answers!
Anyone know if this is down to Loanpad or to the FCA tightening up?
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