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Peer-to-peer ISAs get the go-ahead – government announces the Innovative Finance ISA

As part of today’s budget announcements, the Treasury confirmed that a peer-to-peer ISA, the Innovative Finance ISA will be put in place in 2016.

The Innovative Finance ISA is a third type of ISA, sitting alongside Cash ISAs and Stocks and Shares ISAs, The government intends to publish draft legislation for technical consultation later this year, with a view to legislating to allow peer-to-peer loans to be held in an ISA from 6 April 2016.

This is great news for our lenders, who will be able to enjoy even better returns by investing their ISA allowance through Zopa.

You can read the full government document on ISA changes (PDF).

We’ll be publishing more information soon.