Declaring tax on peer to peer lending

latte303

Hi all,

Just a quick question on submitting tax returns on p2p lending. I've recently invested on a p2p lending platform. I intend to keep the funds on the platform for the next 3 years without withdrawing my funds or the interests in the interim. With regards to submitting tax return, do I need to submit a tax return every year even though I don't intend to withdraw any of the funds?

Thanks a lot!

Dazed_and_confused

Receiving interest from P2P lending isn't a reason to have to fill in a tax return.

If the amount of interest received is large enough it might be, just like any other interest would be.

And yes it is taxable income even if not withdrawn from your P2P account. Your P2P company should have information about this on their website.