WHAT IS THE IF ISA?
The Innovative Finance ISA is a type of Individual Savings Account (ISA*), sitting alongside Cash ISAs, Stocks & Shares ISAs and Lifetime ISAs.
*An ISA is a ‘wrapper’ that allows you to invest without paying income tax or capital gains tax on any interest or profits that you earn.
THE SIMPLE CROWDFUNDING IF ISA
The Simple Crowdfunding IF ISA gives you the opportunity to hold investments in loan projects offered through the platform, allowing for tax-free returns on the interest that you earn.
You can transfer your existing ISA and / or start a new one with Simple Crowdfunding. Use your annual ISA allowance to invest into property projects, receiving average returns of 9% pa (pro-rata) tax free, secured on property. Look for the 'IF ISA Eligible' banner on projects on our home page.
REASONS TO INVEST THROUGH IF ISA
- Tax-free returns. The average interest rate offered for loan investments through our platform is 9% p.a.
- To set up and use your IF ISA is free. There are no set up costs, platform charges or advisor fees.
- You decide. You choose the projects that are right for you.
- Invest up to £20,000 this tax year. You can also transfer funds from existing ISA accounts.
The transfer process is simple. To transfer an existing ISA, you
need to be Logged In.
You can access the transfer screens
from your portfolio (ISA Investments Tab) or through the drop down menu
clicking on the below:
Follow the simple step by step
instructions that guide you through the form. You will need to
provide your National Insurance Number (and existing ISA manager details if you
are transferring an account).
- Go to 'My Account'
(top right hand of the screen)
- Click on 'IF ISA'
- Click on 'New
Our team will request the transfer from your existing ISA
provider as soon as the request is completed and keep you informed of
A NEW IF ISA ACCOUNT
If you are new to Simple Crowdfunding, you will need to Register before you can set up your IF ISA account. This will take a few minutes.
ALLOWANCE AND CRITERIA
For the tax year 2020-2021, the ISA allowance is £20,000, subject to a maximum of
£4,000 into a Lifetime ISA.
Anyone who is resident in the UK for tax purposes and over the age of 18 can
open an account with us.
It should be noted that the IF ISA is not the same as the Cash ISA and is not
protected by the FSCS guarantee. Further details can be found in our Innovative
Finance ISA FAQs.
If you still have questions, then please Contact the Simple Crowdfunding team.
START BUILDING YOUR INVESTMENT PORTFOLIO
Once you have opened and funded your IF ISA account, choose from projects that are IF ISA suitable and receive tax-free returns on your investments. You decide which
projects you would like to be involved with. Once invested, a
summary of your IF ISA and other investments are shown in your personal portfolio dashboard. Simple!