The government has today confirmed plans to include peer-to-peer lending in ISAs following an initial announcement in this year’s Budget. The consultation paper published today by the Treasury explores how P2P could be included in the ISA structure and a consultation period is now underway to gather feedback on how to best incorporate P2P into ISAs.
Zopa has been pushing for ISA inclusion for a number of years and welcomes proposals outlined in the paper to allow a “third” ISA for P2P loans, for P2P platforms to act as ISA managers and proposals to mix and match funds across different ISAs.
Our CEO Giles had this to say about the latest news, “Peer-to-peer ISAs will be a game changer for millions of hard working Brits, and a major shakeup for the UK banking sector. The government consultation is a positive step forward to help define how P2P lending is included and we would welcome a third ISA for P2P. Whatever the outcome, we cannot wait to be able to offer this fantastic product to our existing and future members.”
We have no set date for a launch as yet but are hopeful that we will be able to offer P2P ISAs as soon as possible once the Treasury confirms the new structure.
Here is a round-up of latest news stories that have covered the news and as soon as we have more news from the consultation we will update the blog.
- BBC News – Government to consult on new peer-to-peer lending ISA
- Daily Mail – Savers get new tax-free option as Treasury considers including lend-to-save in super Isas
- The Telegraph – Savers one step closer to peer-to-peer Isas
- The Independent – New ISAs: Government set to include peer-to-peer lending in tax-free savings accounts
- The Guardian – Peer-to-peer lenders could see tax-free returns as government consults on Isa