What are the tax implications?
As a Lender, on the ArchOver platform you are responsible for detailing to HMRC interest earned through your lending activity on the ArchOver platform. Your Lender Dashboard has a Payments table that details the amount of interest paid over the course of the tax year and you can download the statement in PDF or .CSV formats. In April 2016, HM Treasury confirmed that the first £1,000 of peer-to-peer earnings is tax-free, with the limit capped at £500 for higher rate taxpayers. The statement generated on the ArchOver platform is purely a guideline – if you have any questions about your tax, you should contact your tax adviser or local tax office.