Budget 2015 – anything for P2P?
What was hidden in there was that from April 2016 the new personal savings allowance to be introduced. For basic rate taxpayers the first £1,000 of interest earned, including P2P lending, will be completely tax free.
So how do you earn £1,000 of tax free interest by P2P lending with Proplend?
Depending on the level of risk you were willing to accept and the interest rate it returned, you would need to make P2P loans of between £10,000 to £18,000.
We may be getting closer to tax free P2P income than we think.