Landbay set to launch IFISA in Q1
Peer-to-peer investment platform Landbay has been granted ISA Manager status by HMRC, clearing the way for the launch of its Innovative Finance ISA before the end of the 2016-17 tax year.
In December 2016, Landbay received full authorisation for peer-to-peer lending. The platform completed its first loan in 2014 and has subsequently lent over £43m through over 244 loans.
John Goodall, Landbay CEO, said: “We are pleased to confirm that our application to become an ISA manager has been approved by the Board of HM Revenue and Customs.
“With all the relevant regulatory pieces in place, we are one step closer to offering our investors the opportunity to lend on prime residential property in a tax-efficient manner. Our operations and technology teams are now focused on delivery of our Property-Backed ISA which we will launch next month. This is a fantastic opportunity for current and future investors both this tax year and beyond, with the ISA allowance rising to £20,000 in April and further in line with inflation in years to come.”
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