The IFISA is a new category of ISA introduced on 6th April 2016 for UK taxpayers. Previously, there have been two main types of ISA: Cash ISAs and Stocks and Shares ISAs. Like these ISAs, the IFISA allows you to invest money without paying personal income tax. This enables you to invest your money into the growing Peer-to-Peer market. Each tax year, you get an allowance to put into ISAs (from the 6th April 2018 it is £20,000) which you can distribute across any of the ISAs mentioned above. In addition you can transfer previous years' ISA investments into your IFISA.
Your eligibility to hold returns tax-free in an IFISA is dependent on your personal tax status. If you have questions, you should seek advice from your tax advisor. CrowdLords cannot offer tax advice.
Read more on our IFISA page.