The seething mass of mutually contradictory signs ahead of Brexit offers, as you’d expect, no clarity – just confusion. Is the story below a sign of enthusiasm, or desperation? Time will tell.
Industry body Tech Nation has today revealed that applications for the Global Talent visa have jumped by 48 per cent over the last year.
The Tech Nation-endorsed application is aimed at attracting the brightest talent in tech to help bolster the UK tech scene.
Over the past two years, applications to the visa have grown significantly. Since 2018, applications to the visa jumped by 45 per cent last year, a figure now shadowed by this year’s 48 per cent leap in applications.
Stephen Kelly, chair of Tech Nation, said: “Tech Nation’s Visa Report shows that, despite the pandemic, international interest to work in the UK tech sector has never been higher.”
“Attracting tomorrow’s tech leaders to the UK is crucial to the continued growth of the sector, the UK’s place in the world, and driving the nation through recovery to growth in the digital age.”
Data about those endorsed for the Tech Nation Global Talent visa shows that since 2014, 52 per cent of applicants are currently employed at some of the UK’s leading tech firms.
Of those using the visa, 28 per cent are tech founders themselves. The Tech Nation-backed visa enabled 421 founders to set up businesses in 2020, up from 400 last year.
Historical Performance And IFISA Process Guide
That figure is the result of over £20 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2019/20 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.