Welcome to ShareCredit IFISA
ShareCredit ISA account works in the same way as our Classic account, but allows you to earn interest tax-free.
Your annual tax-free allowance is £20,000 in tax year 2018/2019.
Our ISA offers estimated returns of 7.6% for GBP loans and 5.0% for US Dollar loans*.
Our ISA is flexible. You can withdraw funds within the same tax year without affecting your current year ISA limit.
*The weighted-average annualised returns are from 01/01/2016 to 01/01/2018.
Capital at risk. Past performance is not a reliable indicator of future performance.
What is an IFISA?
An Innovative Finance ISA is similar to a Cash or Stocks and Shares ISA, however it allows you to earn tax-free interest on your peer-to-peer investments. It first became available on 6th April 2016.
The maximum ISA allowance for tax year 2018/2019 is £20,000. This is the combined allowance on all your ISAs for this tax period. If for instance you have invested in a Cash ISA, a Stocks and Shares ISA in this tax year and are now interested in an IFISA, you need to ensure that your total ISA contributions don’t exceed.
We will not invest on your behalf. You have full control over your investments.
There minimum investment amount £/$/€10 depending on the product. No minimum investment required on secondary market.
Our ISA is flexible
You can withdraw funds from your account and replace them in the same tax year, without this impacting your tax-free allowance. This is also applicable to your historic ISAs.
For example, you can transfer a historic ISA to us, and withdraw and replace the funds in it in the same tax year.
Accessing your capital
You can access your capital by selling your ISA investments on our secondary market.*
We will not charge any fees for selling investments.
*Demand on the secondary market cannot be guaranteed.
Who can open an IFISA?
You should be above 18.
You should be a UK resident for tax purposes.
If you are not, you should either, perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as performed in the United Kingdom, or should be married to, or be in a civil partnership with a person who performs such duties.Terms and Condition
Transferring your existing ISA to us
You can easily transfer your current ISA to us.
You will not lose the tax-free status on your previous investments.
You can transfer a current Cash, Stocks and Shares or Innovative Finance ISA to us easily and quickly. We will manage the transfer for you.
If you transfer an ISA to us, you will not lose the tax-free status of your investments. If you withdraw your funds from your existing ISAs, you will lose their tax-free status.
You can transfer your full ISA subscription or a part of it. Before filling in our ISA transfer form, ?please check whether your current ISA provider allows partial transfers. You can also transfer as many ISAs to us as you would like.
Your total annual allowance for tax year 2018/2019 should not exceed £20,000(6th April 2018 - 5th April 2019). You can divide this allowance across one of the each four ISA’s per tax year (an Innovative Finance ISA, a Cash, a Stocks and Shares ISA and a Lifetime ISA).
How to transfer an existing ISA?
The transfer will not take longer than 20 working days.
Once we receive the transfer form, we will send the form to your old provider. This typically takes around 5 working days.
Your old ISA manager will then begin the transfer and send your ISA funds to us. This will take no more than 10 working days.
Once your ISA funds have been sent to us we will contact you. It typically takes 5 working days for the funds from your old ISA account to be transferred to your ShareCredit ISA account.
Transferring your ShareCredit ISA to another provider
You can transfer your ShareCredit ISA to another provider.
You will have to transfer your full ISA subscription amount.
If you would like to transfer your ShareCredit ISA please contact us on firstname.lastname@example.org and we will let you know what the next steps are.