Money&Co, the innovative person-to-business lending platform and part of the IW Capital portfolio, is set to benefit from the budget and the introduction of the Innovative Finance ISA. The new IFISA as it will be known, offers tax shelter for P2P lending to businesses.
Money&Co.’s CEO, Nicola Horlick, offers her own analysis to lenders and savers: “This means that you will be able to hold loans that you have bought through Money&Co. in an ISA from 6 April next year. I think that it is highly likely that the new Innovative Finance ISA will take a big chunk of market share away from cash ISAs. The yields on cash ISAs are pitifully low and the current gross yield across the Money&Co. loan book is 8.81 per cent”.
Revealing the new ISA, George Osborne said: “The Government will introduce the innovative finance ISA, for loans arranged via a P2P platform, from 6 April 2016 and has published a public consultation on whether to extend the list of ISA eligible investments to include debt securities and equity offered via a crowd funding platform.”
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