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New Tax-Free Savings Accounts

By Ashok Rao on 15th December, 2014 | Read more by this author

HM Treasury has concluded a two-month consultation on the best way to implement the inclusion of P2P loans with ISAs.

Various options are being considered including creating a third type of ISA or including P2P lending as an option within a stocks and shares ISA.

ISAs are tax-free savings and investment accounts.

Before the release of its outcome in 2015, RateSetter commissioned fact and opinion research* about ISAs with regards to P2P lending. The research revealed various positive opinions about saver’s interest in ISAs.
Most savers viewed P2P ISAs in a positive light and the positive impact it would have on the ISA market. Many would consider this third ISA the best option.

Several facts were also uncovered:

  • Savers are backing the choice of a third type of ISA in addition to existing cash, and stocks and shares products.
  • 65% are not aware that P2P lending could now be included in an ISA.
  • 61% of savers say they are struggling to get a decent return on their savings.
  • The number of adult ISAs subscribed to has fallen, with around 13.5 million adult ISA accounts subscribed to in the 12 months to April 2014, down from 14.6 million a year earlier.
  • 64% find stocks and shares ISAs too complicated.

*Populus surveyed 2,052 GB adults online for RateSetter between 17-19 October 2014.  Data were weighted to be demographically representative of all GB adults.

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