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I received a Tax Statement from Funding Circle, a peer-to-peer lending scheme. It includes Investment Income (income tax payable) and Capital Gains/Losses (capital loss relief available). I would now like to declare these by filling in self-assessment. In step 1, it asks me to deduct any allowable losses from gains I’ve made in the same tax year. If I deduct Capital losses from Investment Income, the result is £9.549. In step 2, it’s explained that nearly everyone who lives in the UK gets this tax-free allowance – it’s £10,900 for individuals for 2012-13. Then it states that if my gains are below this amount, there’s no Capital Gains Tax to pay. So I wonder how I should declare the income and losses from Funding Circle? |

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