George Osborne certainly surprised a few people today in his budget, but the standout part for us was the decision to allow peer-to-peer loans to be included in ISAs by scrapping the securities maturity date rules.
It’s too early to say when all this will actually happen, but the commitment by the Government is a huge positive. This is what we do know:
- Peer-to-peer lending will fall under the new single ISA allowance of £15k
- Interest on savings up to £15,000 will be tax free each year, any amounts over this limit will be taxed as normal
There will be some technical considerations for us and each lender will have to instruct us to transfer their ISA wrapper to rebuildingsociety.com, but we’ll let you know how that will work in due course.
Watch this space!
Related Articles
3rd Dec 2018
Rebuildingsociety.com is proud to have been selected to be part of the 2019 Barclays Scale Up programme, run by Barclays in collaboration with Cambridge Judge Business School. The innovative programme aims to enhance the performance...
24th Sep 2018
Interview with Brian Johnson, successful rebuildingsociety.com lender Hello Brian, how did you first find out about Rebs? I was becoming interested in P2P and opened some accounts with Funding Circle, Zopa and Ratesetter, when I...
14th Aug 2018
I like cool names. Which means I love Fist Bump For Science, even before I realise just what a great concept it is. They take science kit into schools and colleges and get the kids...
25th Jul 2018
A recent PWC report defines Financial Wellness like this: "Being financially ‘well’ not only means being able to meet current financial needs such as paying bills or holding sufficient insurance protection, but also being confident that...