UK-based peer-to-peer lending platform Assetz Capital announced on Thursday its Innovative Finance ISA (IFISA) will be available as a wrapper on all of its investment accounts, including the manual lending account.
The online lender reported that the IFISA will be launched next month, with users able to use their £20,000 annual tax-free allowance on the Assetz Capital platform. Users will be able to transfer in past years’ ISA savings from their cash and shares ISAs. Assetz Capital also noted that new and existing investors will be able to open an IFISA wrapper on the platform and then invest into any automated Assetz investment account. The IFISA is also set to include the popular Manual Loan Investment Account (MLIA) in the New Year. Our CEO, Stuart Law, stated:
“Our IFISA will be a tax-free investment choice for those that are new to peer-to-peer lending, but we also feel strongly about delivering a product that caters for our thousands of long-standing investors who prefer to choose their own loan investments within the Manual Loan Investment Account. That’s why we were determined to ensure that the MLIA will be allowed in our IFISA shortly after launch.”
“As previously announced, the IFISA will launch across all of our automatic accounts by the end of 2017 and we’ll keep our investors up to date as we get nearer to the final go-live date. We will also shortly be releasing a queuing system in case we have excess demand for the IFISA that will allow our existing and faithful investors priority access to the tax free returns.”
The launch of the IFISA comes just a couple months after Assetz Capital received its full FCA authorization. Most recently, the lender secured £1.6 million in funding through its latest equity crowdfunding campaign on Seedrs.