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Post by p2psws on Jul 8, 2022 15:34:42 GMT
Hi all Ive lost a lot of money in the Col/Lendy/FS/MT farce. It seems the only way I can mitigate my losses is to claim capital loss against my capital gains. The problem is I dont have any capital gains.  I was thinking of investing in the stock market (a passive fund) outside of an ISA. Then if/when the fund increases in value, sell it all and then offset gains. I suppose I would have to plough a lot into the market - and then make some hefty gains - to get above the CG allowance (£12,300)? I dont know what Im asking really. Ive lost so much money. Does my plan make sense - or not? What are others doing to mitigate losses. Any advice/guidance gratefully received. Thanks
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Jul 8, 2022 15:38:57 GMT
AIUI you can only offset p2p losses against p2p income.
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Post by gramsky on Jul 8, 2022 16:32:22 GMT
Investing in the stock market now?  . You would be throwing good money after bad! It is a write off, best just bight the bullet and forget it. |
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Post by GSV3MIaC on Jul 8, 2022 17:32:48 GMT
Yes, p2p losses have to be set against p2p income, other income or capital gains won't do. As I've said for 10 years, don't invest what you can't afford to lose. Same applies to stock market.
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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
Posts: 11,330 
Likes: 11,549
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Post by ilmoro on Jul 8, 2022 17:54:25 GMT
You can claim P2P losses against CGT if you have insufficient eligible P2P income & the relevant criteria are met. www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12210Not sure it is particularly advisable route. Only option for Collateral as the platform was unauthorised so losses are not eligible for income loss relief. When it come to the other platforms many of the loans were eligible for loss relief in previous years at the point that the borrower entered into insolvency so if you had income in those years you could see if you can amend your tax return. Having claimed the losses then any subsequent recoveries would then represent income for you to offset subsequent losses against. Also remember losses can be carried forward 4 years so if you invested in a lower risk platform like Loanpad you would then have some income to offset. Just thoughts not advice |
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Jul 8, 2022 22:02:37 GMT
Hi all Ive lost a lot of money in the Col/Lendy/FS/MT farce. It seems the only way I can mitigate my losses is to claim capital loss against my capital gains. The problem is I dont have any capital gains. I was thinking of investing in the stock market (a passive fund) outside of an ISA. Then if/when the fund increases in value, sell it all and then offset gains. I suppose I would have to plough a lot into the market - and then make some hefty gains - to get above the CG allowance (£12,300)? I dont know what Im asking really. Ive lost so much money. Does my plan make sense - or not? What are others doing to mitigate losses. Any advice/guidance gratefully received. Thanks The best way to recover some losses is maintain pressure on the FCA via THE CHEESE FUND. EG, See p2pindependentforum.com/post/454310
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Post by p2psws on Jul 10, 2022 19:42:37 GMT
You can claim P2P losses against CGT if you have insufficient eligible P2P income & the relevant criteria are met. www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12210Not sure it is particularly advisable route. Only option for Collateral as the platform was unauthorised so losses are not eligible for income loss relief. When it come to the other platforms many of the loans were eligible for loss relief in previous years at the point that the borrower entered into insolvency so if you had income in those years you could see if you can amend your tax return. Having claimed the losses then any subsequent recoveries would then represent income for you to offset subsequent losses against. Also remember losses can be carried forward 4 years so if you invested in a lower risk platform like Loanpad you would then have some income to offset. Just thoughts not advice I should have clarified: Yes, I did manage to offset a bit off previous year's gains. I pulled out of the P2P industry pretty quickly after Lendy/FS etc. so unfortunately cant claim against other P2P income. Perhaps it would be foolhardy of me to dive back into P2P just so that I could not pay tax on the income(?) Why do you say you dont think it would be an advisable route? Thanks (PS: For whats its worth, I did think Col was authorised  )
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merlin99
Member of DD Central
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Likes: 271
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Post by merlin99 on Jul 11, 2022 11:34:22 GMT
Frankly I cannot think of anything that has not already been tried. However IMHO this leaves us all having been conned by the FSA and the P2P market into significant losses with virtually no chance of a reasonable recovery. When I occasionally dwell on this matter my emotions rapidly turn to anger due mainly to the fact that one of the chief culprits is now in charge of the Bank of England and accepts no responsibility for his time in charge of the FSA. To my mind hanging, drawing and quartering would have been far too good for him, never mind a promotion.
And as to the principal con merchants - those that set up and ran the P2P businesses, all they are likely to suffer is a few years ban from holding directorships in the UK. Most I guess managed to hide their main personal assets & ill got gains long before the businesses folded - so not much good looking there for recompense.
Time to move on and learn by our mistakes I fear!
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jhamster
Member of DD Central
Posts: 107
Likes: 145
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Post by jhamster on Jul 14, 2022 20:31:45 GMT
Buy BTC in it's current market cycle dip, hold it until 2025 or 2029 at the highs of this next, or the following ATH.
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qlassa
Member of DD Central
Posts: 57
Likes: 25
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Post by qlassa on Jul 26, 2022 22:36:10 GMT
You can claim P2P losses against CGT if you have insufficient eligible P2P income & the relevant criteria are met. www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12210Not sure it is particularly advisable route. Only option for Collateral as the platform was unauthorised so losses are not eligible for income loss relief. When it come to the other platforms many of the loans were eligible for loss relief in previous years at the point that the borrower entered into insolvency so if you had income in those years you could see if you can amend your tax return. Having claimed the losses then any subsequent recoveries would then represent income for you to offset subsequent losses against. Also remember losses can be carried forward 4 years so if you invested in a lower risk platform like Loanpad you would then have some income to offset. Just thoughts not advice Sorry I may miss it, if I did not offset capital gain in last year's assessment, can I still offset my loss this year but no capital gain (i.e. to offset last year's capital gain)? Sounds not possible but would like to hear thoughts.. Thanks.
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jhamster
Member of DD Central
Posts: 107
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Post by jhamster on Aug 4, 2022 21:53:01 GMT
Crypto.
20% ETH, 80% BTC. Get in now as crypto goes in 3-4 year cycles around the BTC halving events. Cash out in 2024 at the next ATH and then buy the dip in early 2025, rinse, repeat.
Wouldn't hurt to have a little Solana too.
Tesla stock is also a good hedge against inflation, they can't make cars fast enough (although they are hitting and surpassing their targets), and don't even have a marketing budget. Tesla's sell themselves.
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. You would be throwing good money after bad!
)
