Peer-to-peer bad debt relief: proposed technical criteria. Technical Note 24 March 2015
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1 Peer-to-peer bad debt relief: proposed technical criteria Technical Note 24 March
2 Contents Page Chapter 1 Introduction 3 Chapter 2 Summary of Proposed Relief 4 Chapter 3 Amount of Proposed Relief 6 2
3 Chapter 1 Introduction At Autumn Statement 2014, the Chancellor announced support for Peer to Peer (P2P) and crowdfunding platforms through a package of measures to modernise regulation and tax rules to remove barriers to their growth. These included a new bad debt relief for lending through P2P platforms. The bad debt relief will mean that if a P2P loan is not repaid, then the loss that the lender suffers on that loan will be set against the income that they receive on other P2P loans before that income is taxed. Under this policy, P2P losses would only be able to be set against other P2P income. HMRC has been working with P2P platforms in the UK to identify when bad debts on P2P loans should be set against the lenders P2P income. Further Information Legislation is proposed for Finance Bill 2016, however it is proposed that P2P lenders who suffer bad debts on P2P loans between 6 April 2015 and 5 April 2016 that meet the conditions for relief, will be able to claim relief in their 2015 tax returns. Draft legislation will be published later in 2015 and subject to consultation. For further information, or if you have any comments on the proposals in this technical note, please contact Charlotte Hopwood on ( charlotte.hopwood@hmrc.gsi.gov.uk). 3
4 Chapter 2 Summary of Proposed Relief Who can benefit from the relief The proposed relief is intended to be available to P2P lenders who meet the following criteria. Subject to UK Income Tax on their P2P income. Individuals (either alone, in partnership, or as part of an unincorporated body). The loans that will qualify for this relief are called 36H loans. Section 36H loans include loans where the lender is an individual, or individuals who are in partnership or as part of another type of unincorporated body. Some loans that are made to individuals may also qualify. Who make the loans through P2P platforms that are authorised by the Financial Conduct Authority. Who are the legal creditor (lender) at the point when the loan is determined to have gone bad. The intention is that relief will only be available to the lender themselves. If the loan is made through an entity or a structure then the relief must be claimed by that entity or structure as the legal creditor and cannot be claimed by the underlying investor. HMRC is still working with platforms on whether there are any particular situations where it may be appropriate to allow relief to an underlying investor. This condition is not intended to prevent a lender obtaining relief where either the platform or their agents, take legal ownership of a defaulted loan as part of recovery procedures. 4
5 When relief can be obtained The proposed relief is intended to be available on P2P loans when: the loan has been determined to be a bad debt, HMRC is working with UK P2P platforms on the definition of a bad debt - the intention is that this condition should be met when it becomes apparent it is not simply a case of late payment; and either, formal recovery procedures have been enacted (collection, administration, receivership, seizure or liquidation of security, transfer to a recovery agent, etc), HMRC is working with UK P2P platforms to ensure that this condition will be met when recovery action is taken by the platform - this should also include where the platform, or their agents, take over the legal ownership of a defaulted loan; or, the debt has been released by the lender. 5
6 Chapter 3 Amount of Proposed Relief Amount of relief The amount that is proposed to be available as relief for the lender is the lower of: the amount of the loan still outstanding from the borrower, the amount that the lender paid for the loan, less any repayments already received. Recoveries If the lender has obtained relief on a bad debt they may still recover some of that debt, either if the borrower manages to pay late, or if there is successful recovery action. The recovery will be treated as P2P income of the lender in the period in which it is received. The amount treated as income will be the lower of: the amount of the debt recovered, the amount of relief that the lender would have been entitled to. 6
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