The Government has moved one step closer to including the proceeds of peer-to-peer (P2P) lending within ISAs as it launched a consultation on how best to implement the change. The move would allow people to lend to small businesses and receive tax-free returns of up to 6 per cent on savings.
‘We want to support savers at all stages of their life and make sure they have greater flexibility and choice over how they invest and access their savings,’ said David Gauke, the financial secretary to the Treasury.
Payoff is one of the latest entrants in the growing peer-to-peer lending market. The marketplace lender has set up shop in Costa Mesa, California, and according to the Financial Times, is already “poking fun at the traditional architecture of America’s financial system.”
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ByRenee Ann Butler:
Google (GOOG) is a technology powerhouse, and it shows. The company has its hands in enough pies that it is really just a matter of time before it all comes together and Google becomes even more of a force than it already is. The company's very name has become synonymous with search engines and, to a large extent, mobile phones, but now it may have a new project on the horizon -- peer-to-peer lending.