peer to peer and tax

grey_gym_sock

bowlhead99 wrote: »

No doubt there is a guidance manual somewhere somehow for Revenue staff.

how about http://www.hmrc.gov.uk/manuals/saimmanual/SAIM1080.htm , which says:

For the purposes of the tax rates which apply to income, 'savings income' is defined in ITA07/S18 as:

- interest chargeable under ITTOIA05 Chapter 2 Part 4 (SAIM2000)
- profits from deeply discounted securities chargeable under ITTOIA05 Chapter 8 Part 4 (SAIM3000)
- income taxed under the Accrued Income Scheme (SAIM4000).

and following the link for SAIM2000 takes you to http://www.hmrc.gov.uk/manuals/saimmanual/SAIM2010.htm , which says:

The charge to income tax on interest is contained in Chapter 2 of Part 4 of ITTOIA05 at section 369, which includes the following.

- Interest from UK bank, building society and other savings accounts
- Interest on gilts, and on other securities issued by governments or companies
- Interest on loans made privately to individuals or companies
- Interest received on delayed payments or refunds
- Interest received by UK residents on bank accounts, securities or other investments situated abroad.

(bold added to the parts that i would think apply to P2P)