Declaring earnings from loans

argolis

Registered User
Messages
105
Hi,

A friend sent me on a link to a P2P lending scheme. As a lender, you can earn interest on loans. However, I can't make out how this is declared in a tax return and what charges are due. The FAQ says it should be declared to Revenue but not what type of income it is.

On Form 11
http://www.revenue.ie/en/tax/it/forms/form11.pdf

Does it come under
a. 402(d) Other Loans and Investments arising in the State
b. 403(c) Gross interest received where DIRT was not deducted
c. There's always an option "C"

I'm trying to make out do you end up paying just DIRT and/or income tax at the marginal rate. It's not very clear from the sources I've tried so far. Any pointers appreciated :)
 
Option a I would say. Depending on the amount you may need to file a Form 11.

DIRT is only applied by deposit takers (banks etc) so I doubt you would be in that category.
 
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