New Lending Works IFISA Attracts £8.8 million in Just 2 Months
ISAs may now be a well-established and tax efficient savings vehicle in the UK, but it appears that a recently introduced type of ISA might well be poised to shake up the ISA market in future years. Introduced in April of 2016, the Innovative Finance ISA has taken a little while to get going, but it is now taking hold at quite a pace. The IFISA has been introduced to allow those who engage in peer to peer lending to be able to sheild their returns from tax and recent figures released from IFISA provider Lending Works have revealed that demand for this new type of ISA has been strong, with their own IFISA attracting £8.8 million of investment in the first 2 months from launch.
The figures which are laid out in more detail on the infographic below and on the Lending works website also show in which areas of the UK demand is proving strongest and amongst which key demographics. So, if you currently engage in peer to peer lending, then perhaps doing so via an IFISA could help you to keep hold of more of the precious returns on your investment, rather than handing them over to the tax man!