While EIS and SEIS offer meaningful tax advantages to investors, it's important to remember that their main function is to help kickstart new businesses and ventures.As the independent trade body for the EIS and SEIS industry, our core aim at the EIS Association is to help small and medium-sized enterprises obtain the funding that they need to grow, which also helps drive our economy forward. Many companies currently operating greatly benefited from EIS and SEIS. To underline this success, we have highlighted four leading figures who believe that, without these schemes, they simply wouldn't be in business today.
We'll be taking a long, hard look at the market in Innovative Finance Individual Savings Accounts (IFISAs) next week.
Loan Offer Latest
Yes You Can, rated B, for £30,000 with an 11 per cent fixed yield over five years, is now filled. Project Rhapsody rated A+, with an 8 per cent fixed yield for three years is also filled. More loan offerings will land on site soon.
Historical Performance And IFISA Process Guide
Money&Co. lenders have achieved an average return of more than 8 per cent gross (before we deduct our one per cent fee)READ MORE
Ahead of the "ISA season" - aka the frenzy to invest before the end of the tax year on 5th April, we offer the final instalment of our review of platform lending. Below we look at the major similarities and differences between Innovative Finance Individual Savings Accounts and (IFISAs), which allow investors to hold platform loans, and "mainstream" Individual Savings Accounts (ISAs).
IFISA - Similarities With Other ISAs
The IFISA is an ISA like any other. The £20,000 annual allowance applies to all types of ISA: IFISAs, cash ISAs, lifetime ISAs, and stocks and shares ISAs. It's possible to have capital committed to any of these categories
Transfers work in the same way. Transfers into and out of IFISAs work in just the same way as transfers from, say, a Cash ISA to a stocks and shares ISA. An individual can transfer cash from a Cash ISA, for example, into as many IFISAs as desired. But to open a new IFISA, the rules require just the individual to use just one in a given tax year. After that, flexible transfers are possible.
The annual ISA allowance is precious. To keep the annual £20,000 allowance in tact, it's imperative to use the transfer mechanism. If an individual sells up a Cash or stocks and shares ISA to buy an IFISA, the allowance will be lost. Most lending platforms have readily available transfer facilities (typically downloadable forms for those who prefer paper transactions).
IFISA - Key Differences
The big difference between Cash ISAs (especially) and IFISAs is that IFISAs are not cashREAD MORE