Nester Lobbies UK Tax Authority to Change Tax Rules to Accommodate P2P Lending and Launch of IFISA 

Nester, United Kingdom- (UK) based peer-to-peer (P2P) lending platform, has lobbied the tax authority of the UK, Her Majesty's Revenue and Customs (HMRC) for a change in tax rules in order to allow for the launch of its Shariah-compliant Innovative Finance ISA (IFISA), through a submitted draft amendment.

Why it Matters?

The requested tax changes are in hopes for the better accommodation of Islamic finance in P2P lending and for the treatment of Nester’s Shariah-compliant profit as interest in order for it to receive the same benefits as the conventional interest-based IFISA. According to Youness Abidou, Founder and Chief Executive Officer (CEO) of Nester, current tax laws are only applicable to Islamic banks, yet they overlook the industry&rsquo...