Research Predicts Huge Take-Up For P2P Savings


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The Economic Voice latches on to research into the prospects for the Innovative Finance Individual Savings Accounts and the likely take-up of P2P.

"One in four investors aged over 55 will consider moving money onto peer-to-peer (P2P) lending platforms once the new innovative finance ISA launches in April," writes The Economic Voice. It quotes research conducted on behalf of our fellow P2P platform,ThinCats.

"Currently, just 4.5 per cent of investors in this age group use P2P platforms to bypass the banks and lend directly to individuals and businesses. However the new tax wrapper is expected to introduce the asset class to five times this number, as investors wake up to the anticipated tax benefits," continues the article.

"Under the new rules, P2P loans will be included in a brand new ISA wrapper, the Innovative Finance ISA, which will allow lenders to benefit from the extended £15,240 tax-free allowance set out by the Chancellor at last year's Summer Budget."

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Tags: IFISA, P2P, take-up

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Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.