HMRC rejects two IFIsa manager status applications
By Tom BelgerIt has been revealed that two applications for Innovative Finance Isa (IFIsa) manager status have been rejected by HMRC
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HMRC revealed the news following a freedom of information request submitted by Bridging & Commercial.
As of 29th September 2017, 67 firms had been accepted for IFIsa manager status.
This allows firms to offer the Innovative Finance Isa to customers, but neither HMRC nor any other government department guarantee that entries on the list are able to manage Isas satisfactorily.
The IFIsa was introduced on 6th April 2016 and allows individuals to use some (or all) of their annual Isa investment allowance to lend funds through the growing peer-to-peer lending market, while receiving tax-free interest and capital gains.
Last month, HMRC revealed that 2,000 IFIsas were opened during the past tax year, with £17m being invested collectively.
Keywords: innovative Finance Isa, IFIsa, HMRC, HM revenue and customs, isa accounts, peer to peer finance, FOI request, peer to peer, p2p, alternative investment, peer to peer lending, peer to peer investors