Are P2P bad debts deducted when calculating tax?

aroominyork

aroominyork said:

Jeremy535897 said:

No. See https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12110 et seq.

"Peer to peer (P2P) tax relief for irrecoverable P2P loans can only be set against interest received by the lender on other P2P loans. It cannot be used against any other form of income.". Thanks.

Just coming back to this, can the relief only be set against interest received on Funding Circle loans? What about interest on "other P2P loans" which I made through Ratesetter and on which I paid tax?

Jeremy535897

aroominyork said:

aroominyork said:

Jeremy535897 said:

No. See https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12110 et seq.

"Peer to peer (P2P) tax relief for irrecoverable P2P loans can only be set against interest received by the lender on other P2P loans. It cannot be used against any other form of income.". Thanks.

Just coming back to this, can the relief only be set against interest received on Funding Circle loans? What about interest on "other P2P loans" which I made through Ratesetter and on which I paid tax?

If you had looked at the "et seq" in my post, it includes:
https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12130

dogfonos

Not sure if it's best to start a new thread or revive such an old one?

Well, seeing as I'm here...

As an individual, I don't suppose I can claim tax relief for irrecoverable debt on a P2P (Funding Circle) ISA?

Common sense says not but I've looked through the government docs. linked above and can't find mention of P2P ISA's.

Thanks.

gt94sss2

dogfonos said:

As an individual, I don't suppose I can claim tax relief for irrecoverable debt on a P2P (Funding Circle) ISA?

You can't claim tax relief on P2P losses in an ISA 

dogfonos

Yeh, I figured that wasn't likely, thanks.