acky
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Post by acky on Nov 27, 2015 12:08:34 GMT
Yes, it was the Accrued Interest Scheme I was referring to, which states that Under the AIS, the interest which has accrued up to the date of sale is assessed to income tax on the vendor (whose sale price will have been increased to take account of it), and the purchaser is given relief for the same amount normally against the next payment of interest. So if FC loans would not fall under the definition of transferable securities by the definition in AIS then it would be interesting to see how a realised gain (ie. The portion of the sale that is accrued interest) should be fairly taxed. If it doesn't fall within the definition of AIS, which I think it doesn't, then the gain shouldn't be subject to any tax. However, if you are actively transacting on a frequent, systematic basis, then you will probably be deemed as undertaking a trade and all gains, incentives, etc would all be liable to income tax. But unless the amounts involved are very material, I wouldn't get to hung up and just report whatever the platform provides in its tax summary. Sound advice, Nick. Reporting to HMRC anything different to what FC say in the tax statement could only attract unwanted attention should one be asked by HMRC to provide support for the income figure.
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blender
Member of DD Central
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Post by blender on Nov 27, 2015 13:07:36 GMT
Yes. There are already sufficient reporting options within the tax statement without creating more.
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