Peer-to-peer (P2P) platform LandlordInvest has become the first provider to offer a property-backed Innovative Finance ISA (IFISA) after receiving HM Revenue & Customs approval as an ISA manager.
The property-backed IFISA will allow savers to invest up to £15,240 in the current tax year - rising to £20,000 next year -in P2P loans secured by residential property. According to LandlordInvest, savers could earn between 5% and 12% tax-free returns a year. The firm's chief executive Filip Karadaghi said: "The property-backed IFISA may offer savers higher returns than those offered by Cash ISAs and without exposure to, or correlation with, volatile stock markets." "We believe the property-backed IFISA will broaden the appeal for P2P lending and advance it towards becoming a mainstre...
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