Your Need-To-Know Facts As IFISA Deadline Looms


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In case you hadn't noticed, it's "ISA Season". In plain English, there's a big tax saving to be had if you put your money - up to £15,240 this year and £20,000 in the next tax year - into a thing called an Individual Savings Account (ISA) by 5th April.

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At Money&Co. we offer an Innovative Finance ISA (IFISA), which is a special kind of ISA that can hold the peer-to-peer (P2P) business loans we offer on site. The benefit of holding these loans in an IFISA is that lenders enjoy the interest completely tax-free. The current offering on site can be held in an IFISA, as can the property-backed loans coming up in our offer pipeline.

If you do not make an ISA investment by 5th April or you will lose your £15,249 allowance for this tax year. Next year's allowance, as we indicate above, is £20,000.

Here's some more background on ISAs in general, and the Money&Co. IFISA into which you can roll your P2P loans.

Begin the IFISA application process here.

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Tax-free interest from your Money&Co. loans

If you hold Money&Co. loans in an IFISA, you can expect to get an interest rate of around 7 per cent net of our fees and it will be completely tax-free. You can choose to pay out the income that is due on your loans monthly, or you can keep the money in your account to reinvest in new loans.

Make a subscription for this year or transfer ISAs from previous tax years

You can only buy one IFISA, one Cash ISA and one Stocks and Shares ISA in each tax year. You can also transfer money held in a Cash ISA or a Stocks and Shares ISA from a previous year into an IFISA. If you want to transfer an ISA from another manager, please fill in the application form and tick the transfer box.

If you are already a Money&Co. lender, open an IFISA account too and receive interest tax-free

If you already have a Money&Co. account and you want to open an IFISA, please fill in the application form. Your IFISA subscriptions will be held in a separate account and you will need to use a different email address to open it.

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P2P loans, IFISAs & Risk

If you haven't made a loan via Money&Co. before, please read the risk warnings and the FAQ section. You may also wish to consult a financial adviser before making an investment



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Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.