By Daniel Lanyon on 31st March 2017
The platform is the latest to the new tax-wrapper, following launches from the likes of Landbay, Lending Crowd and Goji.
Alternative finance provider UK Bond Network has launched an Innovative Finance ISA (IFISA) offering.
There has been a rush of launches of IFISAs into the market in recent months in contrast to the apparent hiatus of the tax wrapper since its first announcement by (then) Chancellor George Osborne back in 2015 and its launch in 2016.
UK Bond Network is a peer-to-peer bond auction platform offering sophisticated investors the opportunity to invest in UK businesses via secured bonds. It offers debt securities in the form of corporate bonds, which are regulated instruments. UKBN became fully authorised by the FCA in November 2016 and in January 2017, was awarded ISA manager status by HMRC.
With a quickly growing number of platform offerings, investors can now hold an IFISA alongside cash and stocks & shares ISAs and for the soon to come 2017/18 tax year, allowances will leap up to £20,000.
The UK Bond Network’s IFISA allows investors to lend £5,000 and upwards to both private and listed businesses.
Investors opening an IFISA with UK Bond Network before 1 June will receive a 1 per cent cashback bonus on the first ISA investment they make.
“Tax efficiency is a key concern for many of our investors. Extending the benefits of ISAs not only to peer-to-peer loans, but also to peer-to-peer debt securities such as those that we provide, creates another valuable opportunity for income investors to stretch their returns even further,” said Chris Maule, CEO and founder of UK Bond Network.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.