HMRC has published guidance on the rules in Finance Bill 2016 (cl 32) allowing individuals and unincorporated businesses to claim tax relief for bad debts incurred on peer-to-peer loans against other peer-to-peer income. The relief will apply to loans that became irrecoverable on or after 6 April 2015. This guidance will be incorporated in HMRC’s Savings and Investment Manual in due course. See www.bit.ly/1RMNc7t.
