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What is an Innovative Finance ISA (“IFISA”)?

The Innovative Finance ISA (“IFISA”) is a third class of ISA, which was introduced in 2016 by HMRC in recognition of the role peer-to-peer lending and other disruptive forms of financing play in helping to fund UK businesses. Individuals in the UK can now open 1 IFISA in each tax year, alongside their cash and stocks & shares ISAs, to invest into unlisted debt-based securities.

How much can I invest into my Ethex IFISA?

Individuals who are resident in the UK have an annual limit of £20,000 for new investment into ISA accounts for the current tax year. Individuals may choose to spread their £20,000 allowance across their 3 different types of ISA or may wish to invest the entire amount into their IFISA.

If you have ISA savings built up with other providers from previous tax years, you can transfer these to Ethex and invest them into any open IFISA eligible product. Please call us on 01865 403304 to request an ISA transfer form.

What are the benefits of investing using an IFISA?

The Ethex IFISA offers you the dual benefits of tax free returns on your interest payments while allowing you to invest in companies aiming to deliver social and environmental impact.

How does Ethex provide its IFISA?

The ISA Manager of the Ethex ISA is Share In Ltd (“ShareIn”), a company authorised by HM Revenue & Customs as an authorised manager of Innovative Finance ISAs.

Woodside Corporate Services Ltd (“Woodside”) are the Receiving Agent for the Ethex ISA and operate a designated Ethex ISA client account. They hold the necessary regulatory permissions for holding client money.

Who will my data be shared with if I open an Ethex IFISA?

In providing investors with an IFISA account we will need to share certain personal information with ShareIn and Woodside. The information that we share is disclosed in our Privacy Policy.

What fees are associated with the Ethex IFISA?

There are no fees for opening or making investments under the Ethex IFISA, however charges do apply for withdrawals from your Ethex IFISA account. For any payment made by Woodside from the Ethex ISA account the following fee applies:

0.5% + VAT of any return payment subject to a minimum of £5 + VAT and a maximum of £30 +VAT

This fee will apply if you choose to transfer monies held within the Ethex ISA to another ISA provider or if you choose to withdraw monies to your bank account.

How do I transfer an existing ISA to Ethex?

If you would like to transfer monies from an existing ISA you hold elsewhere to Ethex please call us on 01865 403304 or email to request an ISA transfer form. Once you return your signed transfer form to us we will contact your current ISA provider to arrange for monies to be transferred to the Ethex IFISA. Please note you can only transfer cash into the Ethex IFISA so if you wanted to transfer a balance from a stocks & shares ISA or another IFISA then you would need to sell down your investments before transferring monies to us.

How do I transfer funds from my existing Ethex IFISA to another ISA?

If you would like to transfer available monies from your existing IFISA to another ISA then you will need to contact your new ISA provider who will instruct you of the procedure to follow. 

How do I withdraw funds to a bank account?

If you wish to withdraw any available monies from your Ethex IFISA, then please email with your request, ensuring that you quote your ISA account number and include your card details for the account you would like the monies to transferred to. 

Are investments in the Ethex IFISA protected?

Investors should be aware that investments made under any IFISA are not covered by the Financial Services Compensation Scheme and therefore capital is at risk when making investments of this sort.

Can I invest in Energise Africa products within the Ethex IFISA?

At present it is not possible to hold bonds acquired via the Energise Africa website in an Ethex IFISA (and vice versa). Individuals can only make new subscriptions to one IFISA in any tax year, therefore if you have already invested in an Energise Africa IFISA this year then you will not be able to open an Ethex ISA.

Can I transfer other bond products purchased via Ethex into an Ethex IFISA?

Unfortunately, it is not possible to transfer other bond products previously acquired on the Ethex website into your Ethex IFISA.

Does it count towards my IF ISA allowance, should I decide to withdraw my investment before the offer completes?

The Ethex IF ISA is fully flexible, which means that if you decide not to proceed with an investment it will not count towards the current tax years limit.

Can’t see your question answered here? Email or call 01865 403304 and we’ll do our best to help!

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