A guide to the Innovative Finance Isa

A guide to the Innovative Finance Isa

The government has released a guide to the Innovative Finance Isa after the savings account was launched on 6th April.

Last week, Bridging & Commercial was told that some advisers were still struggling to get their heads around the Innovative Finance Isa.

It was also revealed that only eight firms currently have the appropriate authorisation to offer the Isa. 

However, to help educate investors and advisers about the Innovative Finance Isa, the government has released a video explaining the changes. 

The Isa will allow 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. 

These platforms will offer higher potential interest returns than many bank and building society savings or cash Isa accounts with most anticipating returns of 8% per annum.

To find out more information visit www.innovativefinanceisa.org.uk and to view the video click here

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