Virus or no virus, cryptocurrencies are still with us. Mind you, in this emerging asset class you really have to pick your crypto. Scams must be avoided.
Crowdfundinsider has news on the OneCoin saga (fans of “The Missing Crypto Queen” podcast will not be surprised at this development).
Judge Valerie Caproni has lifted the stay on a lawsuit filed against OneCoin, one of the largest cryptocurrency schemes.
An order recently signed by the New York District judge requires all concerned parties to provide a schedule, which will request the defendants to submit a response to the complaint by May 8, 2020.
As noted in the court order:
“No later than May 8, 2020, the parties must jointly submit a proposed schedule for Defendants to answer, move to dismiss, or otherwise respond to the Amended Complaint.”
Historical Performance And IFISA Process Guide
That figure is the result of over £23 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.