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Peer2Peer Finance News | July 29, 2017

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Landbay authorised as ISA manager by HMRC

Landbay authorised as ISA manager by HMRC
Suzie Neuwirth

LANDBAY has been approved as an ISA manager by HMRC, paving the way for the launch of its Innovative Finance ISA before the end of the tax year.

The peer-to-peer lender is thought to have received confirmation of HMRC approval last Thursday.

“We are pleased to confirm that our application to become an ISA manager has been approved by the board of HM Revenue and Customs,” said Landbay chief executive John Goodall (pictured).

“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.”

The lender, which specialises in buy-to-let mortgages, announced on 23 December 2016 that it had been awarded full authorisation from the Financial Conduct Authority.

P2P lenders must have full FCA authorisation before they can apply for ISA manager status from HMRC.

FCA approvals are gathering pace. Last month, a number of P2P lenders got the regulatory green light, including LandlordInvest, Folk2Folk and CapitalStackers, while Octopus Choice gained full approval earlier this month.

However, the ‘big three’ platforms – Funding Circle, Zopa and RateSetter – are still on interim permission.