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A couple weeks ago we explained what an Innovative Finance ISA (IFISA) is, what investment types can be held in one and how interest earned in an IFISA is exempt from tax. Since then we’ve had the UK Budget when it was announced that the annual IFISA allowance will remain at £20,000 for tax year 2019-20.

ShareIn is an approved ISA manager and runs investment platforms for some of the UK’s largest crowdfunding companies. If you’re thinking of starting a crowdfunding business or already operate one and want to offer your investments through an IFISA then here are answers to questions that you may have.

What investment products can be included in an IFISA?

Peer to Peer (P2P) Loans and Crowdfunded Bonds.

P2P Loans enable investors who are willing to lend their own money to either other individuals or small businesses and earn an interest rate above that which they might earn at a bank. A bond is a simple debt instrument where in return for a fixed sum, investors receive fixed interest payments. In both cases investors’ capital is returned at the end of a pre-agreed period.

Are there any eligibility criteria for loans or bonds to be included in an IFISA?

For an investment to eligible for inclusion in an IFISA it must be transferable.

Do your investment platforms allow investors to transfer in existing ISAs?

Yes! The process is all done online. And remember that there is no limit to the value of ISAs from other providers that can be transferred in to your IFISA.

Does my business need to be an ISA manager to be able to offer IFISAs on my crowdfunding site?

No. ShareIn was approved by HMRC in 2016 to act as an ISA manager. We are able to include your crowdfunded investment products in the ShareIn IFISA but using your branding.

Do we have to file reports with HMRC?

No, our platform ensures compliance with the ISA regulations and we take care of the annual return of IFISA information to HMRC.

What do we need to do to get up and running with our IFISA business?

Just get in touch and we’ll show you how our IFISA investment platforms can supercharge your crowdfunding business.

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