The Government has today announced it is launching a consultation setting out how peer-to-peer lending will be included as part of the ISA tax wrapper.
Following Chancellor George Osborne’s initial announcement in the Spring Budget to include P2P loans as part of an ISA, the consultation paper aims to explore how they will be integrated and what category they fall under.
The latest figures from the Peer-to-Peer Finance Association (Q3 2014 included below) show the industry has lent £1.89 billion to consumers and businesses to date and is on route to lend £1 billion in 2014 alone.
Commenting on today’s news, Christine Farnish, Chair of the P2PFA said:
“We are delighted the Government has published its proposals to include peer to peer (P2P) lending in ISAs. Consumers who lend on p2p platforms will be able to earn tax free returns in future and the increased flow of funds will allow us to offer great value loans to more credit worthy borrowers. This is a vote of confidence from Government in our industry which is bringing much needed competition to the banking sector.”
The consultation will conclude on 12 December.
For further information please contact:
Adam Taylor, firstname.lastname@example.org, 0207 297 5971
Notes for Editors
For full report see: https://p2pfa.org.uk/about-p2p-finance