A Guide to the new Innovative Financial ISA (IFISA)

Being a UK saver hasn’t produced much in the way of benefits over the past couple of years. ‘Miserable’ savings rates have made traditional cash ISAs and regular savings accounts almost not worth the effort. The volume of cash that we’re putting aside is down, and most people feel fairly disillusioned about the opportunities for earning income with saved money. So, a fairly gloomy picture – or is it? The Innovative Financial ISA (IFISA) went live in April 2016 but it’s only this year that we’re beginning to see the potential of this new savings vehicle. Could it be the change British savers need? What is the Innovative Financial ISA (IFISA)? All ISAs are tax wrappers that surround a form of saving or investment which mean any growth/profits are protected from being taxed. The new IFISA is simply the same tax wrapper around the relatively new saving/borrowing product of peer-to-peer loans (with the IFISA extended to include debt crowdfunding from late 2016). Returns subs


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