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!
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