The IFIsa was launched on 6th April this year and allows savers to use some or part of their annual Isa investment allowance to receive tax-free interest and tax-free capital gains on funds lent through FCA-regulated peer-to-peer lending platforms.
HM Revenue & Customs revealed that there are currently 17 firms who are authorised to manage the IFIsa.
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The firms range from peer-to-peer lending platforms, property crowdfunders and wealth managers.
The full list of authorised firms as of 26th October 2016:
Company name |
Type of business |
Abundance Investment Ltd |
Peer-to-peer |
Blackfinch Investments Ltd |
Asset manager |
British Pearl Ltd |
Property crowdfunding platform |
Crowd2Fund |
Crowdfunding platform |
Crowdcube Capital Ltd |
Crowdfunding platform |
Crowd for Angels UK |
Crowdfunding platform |
Crowdstacker Limited |
Peer-to-peer |
Downing LLP |
Investment manager |
Greyfriars Asset Management |
Wealth manager |
KapSecure Asset Management |
Wealth manager |
Link Financial Outsourcing Ltd |
Loan manager |
London House Exchange (Property Partner) |
Property crowdfunder |
Platform One Ltd |
Platform service |
Resolution Compliance Ltd |
Network solutions provider |
Strand Capital |
Asset manager |
Triple Point Investment Management LLP |
Private investor |
Wilton Corporate Finance Ltd |
Wealth management |
Being on the list means that HMRC are satisfied that the person, firm or company concerned is authorised.
Neither HMRC nor any other government department guarantee that any of those concerned is able to manage Isas satisfactorily.
HMRC haven’t approved any Isa that the Isa manager may offer.
Potential investors are told to take independent advice if they are in any doubt about the suitability of the Isa manager or of a particular Isa.
In recent months, a number of peer-to-peer platforms have gained FCA authorisation in order to offer the Isa.
At last month’s LendIt conference, Kevin Caley, founder and chairman of ThinCats, predicted that the launch of the Isa could double peer-to-peer funding.
Crowd2Fund was one of the first firms to offer the IFIsa and revealed that it had seen a growth of investors in the past six months.
To find out more, check out the guide to the Innovative Finance Isa.
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