Whistlestop IFISA Tour For Money&Co. Team


Whistlestop

Money&Co. is hitting the road. We're hosting a sandwich lunch in St Albans tomorrow to raise awareness of the Innovative Finance Individual Savings Account (IFISA - up to £15,240 this tax year - and investment income is tax-free).

St Albans, specifically Verulam Golf Club, is the first port of call. Other venues include Birmingham and Manchester.

Money&Co. CEO Nicola Horlick and our team will be spreading the word about the peer-to-peer (P2P) loans we facilitate on the platform. The task is to explain it all in plain English, ahead of the 5th April tax deadline.

"Basically we're a 21st Century credit union, using a high-tech platform to bring individuals wanting a good return on capital together with carefully vetted small businesses," says Nicola. "The borrowing companies typically have been in existence for over a dozen years and we insist that they have a strong track record of profitability. Before we approve them, we also insist they are debt-free, and we take a legal charge - the right to reclaim and sell assets - if a loan goes wrong. It hasn't happened yet, and no company has missed a payment in three years - so it's a case of so far, so good.

IFISA Graphic

"Our borrowing small businesses often find banks can't or won't extend credit to them. It's not all the banks' fault - as very few of them are geared up to lend to small businesses (the old story: loans of £5 million make sense, but loans of £500,000 are uneconomic, given the fixed costs that banks have).

"What's exciting from a lender's point of view is that the loans we facilitate can be held in an ISA. Net of charges, we see a yield of 7 per cent tax-free as a reasonable expectation. That's over £1,050 of totally untaxable income for investors committing their full £15,240 allowance."

M&CLogo

IFISAs & Risk

We must stress again that would-be lenders should read the risk warnings on the Money&Co. site, and may want to consult a professional adviser before committing capital.

For more information on these ISAs (also known as Innovative Finance ISAs), see recent News items on the Money&Co. site - HERE and HERE are good places to start. Detail on risk and fuller explanation of how it all works can be found HERE.



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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.