In a response to the consultation on including peer-to-peer loans in ISAs, the government has confirmed that loans made through peer-to-peer platforms will become ISA qualifying investments. It 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.
Brian Bartaby, Founder and CEO of Proplend a P2P loan platform for Commercial Real Estate Debt, said:
“Whilst we are getting closer, we are not quite there yet. It is a very positive step that the Government listened to the consultation respondents and plans to create a new and separate type of P2P ISA and continues to show their support for the Alternative Finance sector”
“The feedback from our clients is that they are looking forward to the inclusion of P2P loans within an ISA wrapper and expect to make full use of it”