Proplend is predicting transfers into its Innovative Finance ISA (IFISA) will rise in the coming months, as the end of the tax year approaches.
The first few months of the calendar year are traditionally known as ISA season when subscriptions into the tax wrapper spike ahead of 5 April.
Brian Bartaby (pictured), chief executive of Proplend, said while he is anticipating an increase in IFISA money onto the peer-to-peer property lending platform, there has also been a flow throughout the year.
He said IFISA volumes are up 35 per cent annually, with 60 per cent from new money and 40 per cent from transfers, which has been helped by Landbay and ThinCats exiting the retail market and their investors seeking new tax wrappers.
“ISA investment on P2P platforms needs to be slow and steady both throughout the year,” he told Peer2Peer Finance News.
“While we do see the traditional spike in subscriptions over ‘ISA season’, we see a steady flow of both subscriptions and transfers in across the year.
“I expect transfer in volumes to rise over the next few years especially as we operate a flexible ISA.
“Whilst I am concerned that there are fewer and fewer new investors coming to the ISA market as a whole, there is still a vast quantum of money already locked up within the ISA wrapper.
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