Zopa Bank gains HMRC permissions to enter cash ISA market
Zopa Bank looks set to launch its first cash ISA.
The brand, which offers fixed term savings accounts, loans and credit cards, previously had ISA manager status from HMRC for its Innovative Finance ISA so investors could hold its peer-to-peer loans tax-free.
But the former P2P lending giant exited the sector at the end of last year to focus on banking.
The latest HMRC ISA manager list, published by the taxman today (1 July), shows Zopa Bank has received permissions to launch a cash tax wrapper.
It is so far unclear what cash ISA rates Zopa Bank will offer but its fixed term savings deals have regularly appeared in the best buy tables.
Zopa Limited, the company’s P2P arm, still retains its IFISA manager status for those who have kept their money in the legacy product.
Zopa Bank has been asked for comment.
The HMRC list also shows that property investment platform Brickvest has had its ISA manager status removed.
The platform has been focusing on commercial real estate debt products since 2020.
In November 2019, four BrickVest subsidiaries – BrickVest Ltd, BrickVest Technology Ltd, BrickVest Services Ltd and BrickVest Talents Ltd – went into administration.
Several months later, German property investment manager Patrizia bought BrickVest out of administration, giving it access to its network of more than 350 institutional investors and industry partners and more than 200 banks and financial institutions.