Peer to peer lending
3 December 2014
Tom Evennett, Private Markets Tax Partner at Deloitte, welcomes the changes for individuals lending through alternative lending platforms.
“From April 2015, individuals lending through peer to peer platforms will be able to offset losses from bad debts against other peer to peer income. This should mean that tax will only be paid on an individual’s net income return from their P2P lending, as opposed to currently where an individual can be taxed on more than is actually received. This is welcome news as it will support P2P platforms. It is also envisaged that a withholding regime for income tax will apply across all peer to peer lending platforms from April 2017, which should remove the need for some individual lenders to file self-assessment returns.”
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Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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