Landbay receives approval for Innovative Finance Isa
By Alex LynnPeer-to-peer (P2P) lending platform Landbay has announced plans to launch an Innovative Finance Isa (IFIsa) after securing Isa manager status from HM Revenue & Customs
Section: mobile apps categories
Landbay becomes the latest in a string of P2P lenders planning to launch an IFIsa product, with Folk2Folk and LandlordInvest also receiving the relevant permissions within the past five weeks.
The news comes less than a month after the firm received full authorisation for P2P lending from the Financial Conduct Authority.
John Goodall, CEO at Landbay, said: “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.”
Landbay hopes to launch the new IFIsa before the end of the 2016/17 tax year.
Keywords: Landbay, peer to peer, P2P, lending platform, Innovative Finance Isa, Isa manager, HM Revenue & Customs, HMRC, Financial Conduct Authority, FCA, John Goodall, residential property