Today P2P-Banking launched a new IFISA database which offers investors an easier way to compare IFISA providers offers. UK taxpayers can invest up to 20,000 GBP per year tax-free in ISAs; a person may invest 20,000 GBP this tax year and invest 20,000 GBP in a different ISA next year. The Innovative Finance ISA, short IFISA, was introduced in 2016 with most offers becoming approved by HRMC only in the 2017/2018 tax year, explained P2P-Banking. The database was launched in order to “help investors get the best IFISA rates that match their investment strategy and risk appetite.”
“The new P2P-Banking database of IFISA offers allows speedy selection and sorting to review IFISA products by different providers and links to the provider’s website for in detail information,” commented P2P-Banking Publisher Claus Lehmann via email. “Investors can filter by interest rate, term, loan type, minimum investment amount, possibility of transfers in and out, flexible IFISA, bonus & cashback promotions and several other criteria. This interactive tool enables UK investors to find the best home for their yearly 20,000 GBP tax-free IFISA allowance. “
Currently more than 15 IFISA providers including LandBay, LendingWorks, PropertyCrowd, CapitalRise and Crowd2Fund are listed on the database with the plan to add new offers with each additional HRMC approval. P2P-Banking reported that more P2P lending marketplaces have gained FCA approval recently and are preparing to go live with IFISA offers –several companies have reported “huge demand in their new IFISA offers”– in the next weeks.