UK Bond Network, an alternative finance provider that specializes in structuring and distributing investment opportunities in secured corporate bonds has been authorized by the FCA and HMRC as an ISA manager. The approval now allows the platform to offer the Innovative Finance ISA (IFISA).
Announced in George Osborne’s 2015 Budget and launched last April, the IFISA enables individuals to invest up to £15,240 per year in peer-to-peer loans, property-related investments and debt securities while sheltering their returns from income tax. Peer-to-peer lending platforms must be fully authorized to become ISA managers and some of the largest platforms are still operating under interim permissions. The UK Bond Network is among the few to have been approved to date and has partnered with Goji, a specialist builder of P2P products, to create its IFISA.
“Receiving ISA manager status is another important stride towards the launch of our IFISA product, which we are targeting within the next month. It provides yet another attraction for existing P2P investors and a boon for potential new lenders – we look forward to opening up this new opportunity and offering tax-efficient investing,” said Chris Maule, CEO and Founder of UK Bond Network.