ISA UPDATE
Today, HM Treasury has begun an open consultation into the inclusion of Peer-to-Peer lending in ISAs. The consultation period will last until the 12th of December. The Treasury will be consulting firms and individuals about how the operational side will work most efficiently and comply with the existing ISA rules.
What Happens Next?
Once the consultation period has ended in December, the government will review all the responses received and then publish a ‘summary of responses’. This summary will include a review of the responses and set out the government’s decisions in response. Also included in this report will be details of how the government will implement their decisions and a timescale.
Graham Wellesley, CEO commented.
“The Chancellor announced in his budget in March that there would be this consultation, and it is encouraging that we have now reached this point. The inclusion of Peer-to-Peer lending in the ISA will not only give another option to those saving money through the tax free wrapper, but also unlock capital that can be used to lend to British Business and spur the growth and housing supply within the economy.”
If you would like to read more about the consultation click here