Proplend IFISA Guide

Introducing the Innovative Finance ISA (IFISA)

Individual Savings Accounts or ‘ISAs’ are tax free savings wrappers introduced by the UK Government in 1999. Individuals have annual (‘Subscription’) allowances for each tax year (6 April to 5 April) that limit the amount they can ‘invest’ to their ISA(s) without paying tax on the income or capital gains. The ISA allowance for the current tax year (2017-18) is £20,000.

The Innovative Finance ISA or ‘IFISA’ was added to the list of available ISA types from 6 April 2016, giving UK ‘savers’ both an alternative asset class and a means of diversifying investment. The inclusion of peer to peer (P2P) lending investments offered a higher income alternative to Cash ISAs at a time of persistently low interest, without the fluctuating capital values of Stocks and Shares.

Peer to peer lending describes a direct financial arrangement from individual to individual or individual to business, facilitated by online Financial Technology (FinTech) ‘platforms’. Bypassing the traditional banking system, investors (‘Lenders’) can achieve higher rates of return when accepting the risk that the borrower may not be able to keep up repayments or repay all their loan.

These alternative investments aren’t covered by the government-backed Financial Services Compensation Scheme (FSCS), so P2P provider platforms typically establish other safeguards to help minimise investor risk. For example, all Proplend loans must satisfy comprehensive due diligence checks and be secured with a first charge over income producing UK commercial property.

Permitted IFISA Investments & Providers

As things stand, only peer to peer lending (P2P) investments and ‘crowdfunding debentures’ are permitted within IFISA – we’ll focus on the former.

UK P2P lending is regulated by the Financial Conduct Authority (FCA), with all providers either fully authorised or operating on an ‘interim permission’ basis. All platforms with interim authorisation must be working towards stricter full authorisation requirements and can’t offer an IFISA until they have the FCA’s ‘full approval’.

Peer to peer providers with this approval are then only able to accept ISA ‘Subscriptions’ (new money paid into an ISA) and transfers (from existing ISAs) once they have also been granted ISA Manager status by HMRC. So IFISA providers like Proplend are approved by the FCA and HMRC.

Proplend’s P2P platform connects investors directly to creditworthy borrowers – enabling investors to earn higher fixed income returns and borrowers to gain access to funding which may not otherwise be available. Proplend’s new IFISA will offer the same self-selection of loans, the same attractive interest rates and the same great security – tax-free.

Funding IFISAs with 'Subscriptions'

You can invest to an IFISA using your current ISA allowance and by transferring existing ISA ‘pots’.

You can invest (‘subscribe’) new money into Individual Savings Accounts each year but there are limits – annual ISA allowances. The ISA allowance for the tax year 2017-18 have increased to £20,000. So, there’s more scope to invest and with the addition of IFISA, more scope to diversify investments.

New ISA subscriptions can be spread across new and existing ISAs with different providers AND across the various ISA types. Your ISA allowance doesn’t have to all go to a new Cash ISA, or all to an IFISA for that matter. It could be invested partly to an existing Cash ISA, partly to a new Stocks and Shares ISA and partly to a IFISA for example.

You can only invest new subscriptions to one of each of the ISA types each tax year. Not one of each type with each provider, just one of each type with any provider. It is your responsibility to ensure that you’re not opening too many new ISAs, investing with too many providers or exceeding your allowances in any given tax year.

ISA Subscriptions and transfers graphic

The graphic above shows a £20,000 (2017-18) subscription allowance being split between three different types of ISA. It also shows a fourth new ISA and a second, current year, IFISA set up to reinvest and consolidate transfers from Cash and Stocks and Shares ISAs from previous years. Opening a second new ISA of one type is perfectly within the rules in this example as new subscriptions are only invested to one of the IFISAs.


It’s important to be aware that once an ISA has been opened, it stays open and invested with that provider until you withdraw all funds or transfer all funds to another ISA. Those savings remain within that tax free wrapper until you decide to do something with them. Current year subscriptions can also be added to an ISA started in a previous tax year.

You don’t have to remove the funds from an ISA at the end of each tax year but you should keep an eye on how they are invested and what rate of return you’re getting – particularly beyond that first year. For example, many people will have opened Cash ISAs when interest rates were much higher and whilst that money is still invested, that ISA won’t be earning the same rate of interest when rates are low like they are now.

Thankfully P2P lending offers a fixed rate of return for the entire loan term, so IFISA interest rates will remain at the level that attracted you to invest.

Funding IFISAs with 'Transfers'

Freedom to move your existing ISA monies to new providers and ISA types

ISA ‘transfers’ refer to the movement of your ISA savings direct from one tax free ISA wrapper to another. Do not withdraw ISA money yourself with the intention of depositing it into a new or existing ISA. Providers arrange this direct once you’ve completed and signed the receiving provider’s transfer form.

Transfers enable you to freely move your ISA investments around – to diversify your holdings and consolidate them. While the 2017-18 allowances give us all significant scope to invest new money into ISAs, your right to transfer existing ISA funds mean it’s possible to invest larger amounts to the providers and asset classes that you want to – when you want to. You don’t have to take a number of years building up your holding in new ISA types or wait to take advantage of attractive rates.

You can transfer all or part of your existing ISAs to a new ISA, or consolidate it to another existing ISA. For a Cash ISA it might be that an introductory bonus rate has expired, or a tracker rate is now lower than you target return. It may be that you’re unhappy with service levels or you just think some or all that money could be working harder for you in a Stocks and Shares or IFISA (or both).

Some key points to remember about transfers

  1. All transfers from one ISA to another are made direct from provider to provider – in cash
    • Do not transfer or withdraw funds from your ISA yourself that you’re intending to transfer
    • You cannot transfer the investments held in one ISA ‘in specie’ to another ISA
  2. If a transfer is coming from a Stocks and Shares ISA or IFISA, you’ll need to sell the investment holdings in that ISA to make funds available for the provider to transfer
    • Depending on whether its a full or partial transfer, you may need to decide which investments to sell to fund the transfer
  3. You can request a ‘full’ transfer (of the entire value of an ISA) or a ‘partial’ transfer (of some of the value) of any ISA
    • Some providers may only allow you to make full transfers out of their ISAs and some providers may charge fees for transferring
  4. If you’re requesting a transfer that includes current year subscriptions then all current year subscriptions in that ISA must be transferred
    • Transferring all of your current year subscriptions to a new ISA doesn’t break the one ISA per type per year for new subscriptions rule – the receiving scheme is effectively the replacement one for the year
  5. You can request the transfer of funds from one ISA type to another as well as between the same types. You can’t transfer assets, just cash.

Proplend IFISA - Coming Soon

About Proplend

Proplend is launching its Innovative Finance ISA in the next few months, giving ISA investors access to their P2P loan investments and attractive fixed income returns – tax free. IFISA investors will get the same choice of three risk-reward ‘Tranches’, the same choice of loans secured by income producing UK commercial property and the same £1,000 minimum investment as non-ISA investors.

Monthly Fixed Income

Loan interest is paid to your Proplend IFISA account on the designated monthly payment date for each loan. That means you can have a predictable stream of fixed income coming in throughout the month.

Your loan interest will continue to accumulate in your IFISA account for reinvestment unless you request regular interest drawdown to your personal bank account. If you indicate that you’d prefer drawdown, we’ll automatically action this. You can change this preference at any time within the ‘Banking’ section of your Proplend dashboard.

All IFISA loan investment income is paid direct to your Proplend account. Income is paid ‘gross’, without any tax deducted and there will be no need to include your ISA income on your annual tax return. We will however provide you with an annual ISA statement for your records, with a full transaction history available when logging into your Proplend account.

Opening a Proplend IFISA is 100% Online, Convenient and Hassle-Free

Existing verified platform Lenders – can open their IFISA by logging into their Proplend ‘Dashboard’ and clicking on the ‘Open ISA Account’ button in the top right-hand corner. We just need you to provide your address, national insurance number and accept our IFISA Terms and Conditions and you’re ready to fund your ISA.

Open ISA Account from Dashboard - Screen shot

New platform users – will need to spend a few minutes registering as a Proplend Lender in the first place and then submit some details for identity verification from their Dashboard. Once verified by us, simply click on the ‘Open ISA Account’ button as above. There’s no need to invest outside of the ISA if you’re only looking for an IFISA to begin with – but the option’s always there.

If you’re starting your Proplend IFISA with subscriptions, there’s really no reason why you can’t be up and running within 24 hours depending on how quickly you can get the funds across to us. Please don’t send subscriptions payments until you have received confirmation from us that your account is open though.

Funding Your Proplend IFISA Account - Subscriptions and Transfers In

From launch, Proplend will accept investments using current tax year allowances (‘Subscriptions’) as well as transfers from existing Cash ISAs, Stocks and Shares ISAs and even other IFISAs.

We’ll let you know as soon as we’ve received your funds and they’ve been allocated to your IFISA account. This will either be on receipt of an investment direct from you for new ISA money or when we’ve received the money from your existing provider (for ISA transfers).

To subscribe new money to a Proplend IFISA

  1. Log into your Proplend (ISA) Lender Dashboard and select the ‘Banking’ option. There you’ll find the bank account details to send the money to and a reminder to include your (unique) IFISA-specific ‘Lender ID’ in the payment reference
  2. Enter the amount you’re subscribing in the prepopulated message (so we know to look out for it) and click ‘Submit’
  3. Initiate the payment from your bank and we’ll allocate it to your account

For existing Proplend lenders this is exactly the same process as you’re used to – just be careful to include your IFISA Lender ID (starting ‘ISA…’), not the Lender ID for your non-ISA account (which will be different).

Banking Section of Dashboard for Subscriptions

For ISA transfers to Proplend

Just complete our transfer in form and we’ll do the rest. We have different forms for Cash (and IFISA) and Stocks and Shares ISA which tell us what we need to know for each and give us permission to communicate directly with the transferring provider. We’ll send the completed form off to that provider and make sure your wishes are fulfilled as soon as possible.

You can either complete our transfer form on your computer and print it off, or print it off first and then complete the form by hand. Whichever way you complete the form we will need a ‘wet’ signature from you on the form. When the form is completed and signed, send it to us to request the transfer from your existing provider.

Transfer ISA Tab on Dashboard for Transfers In

We can’t accept ‘in specie’ transfers or subscriptions

Unfortunately, HMRC ISA rules prevent us from accepting Proplend loans (or any other existing investments held outside of an ISA) into a Proplend IFISA. All subscriptions and transfers must be as cash. However with current UK personal savings allowances, you won’t pay tax on the first £500 or £1,000 of investment income (depending on your tax band).

Minimum investment required for Proplend loans

Loans listed on our platform are typically split into £1,000 investment parts. Investments must therefore be in multiples of £1,000, so you could buy six parts of a single loan with a £6,000 investment or invest it across two to six loans.

You’ll need to remember that if you’re investing through the Proplend Loan Exchange (our secondary market), each loan part will cost a little more than the £1,000 capital amount as you’ll be paying the accrued interest for the month to date at the point you buy the loan part(s). Paying the accrued interest at the time of investing means you get all the monthly interest for the first partial month you’re invested.

If investing in a loan from outset (‘In Funding’) you will not need to pay any accrued interest at the date of investing.

Choosing Which Loans and Tranches to Invest In

You are free to invest all your Proplend IFISA to one preferred loan or diversify your loan investments across multiple loans listed as either ‘In Funding’ or ‘Proplend Loan Exchange’.

Upon registering as a Lender, you will immediately gain access to additional information about our loans and borrowers to start considering which loan (or loans) you’re interested in. Once verified, we’ll give you access to all our due diligence information so you’re ready to invest when your account is funded. You’ll be able to review the valuations, leases and borrower disclosures that we used to make our decision whether to accept the loan request.

You’re likely to have your own preferences on location, industry, securing property and most importantly risk-reward.

Borrower Equity Cushion for Proplend Tranches - Graphic

 

Proplend Loan Investment Tranches

To help you identify investments that meet your risk-reward profile, Proplend pioneered the peer to peer lending Loan Tranche Model. We understand that investors have different risk and return appetites, so our platform loans are split into up to three loan to value (LTV) based ranges – enabling more people to feel comfortable investing.

For example, Proplend Tranche A loan investments are one of the lowest-risk loan investments on the UK P2P market. Loan capital is capped at 50% of the securing property value for these investments with an average annual interest rate (AIR) of 6.34%* pa. At the other end of our scale, Tranche C (our higher risk) investments, are capped at 75% LTV with an average AIR of 9.39%*. *AIRs calculated for 12-month period to 31 December 2016

P2P Lending Investments Risk v Reward Comparison

These same loan tranches are available to invest in via our IFISA – simply choose the Tranche (or Tranches) with a risk-reward balance you’re comfortable with, across the loan investments that you want to invest in. Invest across multiple loans and one or more LTV-based Tranches to diversify your Proplend IFISA.

You Don’t Have to Invest Your Whole ISA Allowance in One Go

New loans are coming onto the platform all the time, so you could invest some of your ISA allowance now and some later, or transfer in some of your ISA monies from previous years now and more later.

Perhaps you don’t want to invest too much in one loan or can’t immediately see an investment you’re completely happy with – once your Proplend IFISA is open, you can ‘top it up’ with your unused allowance and other ISA pots at any time.

You can also invest ISA funds for previous years into an IFISA that was opened in a previous tax year – there’s no need to over-complicate things by opening a new Proplend IFISA for each tax year.

Proplend's IFISA Is Flexible

You can actually take money out of your Proplend IFISA and put it back in before the end of the same tax year without it counting as a new ISA subscription. Funds from previous tax years can be withdrawn and ‘returned’ in this way along with current year subscriptions. To use this flexibility, you will probably need to sell some of your loan investments unless you have the required amount available in cash within the IFISA.

Below are a few scenarios illustrating how flexible withdrawals can work … and also, how they can’t:

  1. You can withdraw £10,000 on 9 July 2017 and return £10,000 by 5 April 2018
  2. You can withdraw £10,000 on 9 July 2017 and return £7,234 by 5 April 2018
  3. You can withdraw £10,000 on 9 July 2017, return £4,000 on 1 November and up to £6,000 more by 5 April 2018
  • It’s not a flexible withdrawal if you are paid £10,000 on 9 July 2017 and return this amount after 5 April 2018. This would count as a £10,000 subscription for the 2018-19 tax year
  • It’s not a flexible withdrawal if you are paid £10,000 on 9 July 2017 and put £11,000 back in before 5 April 2018. This would be treated as a £10,000 flexible return and £1,000 new subscription and you’d need to have an unused ISA allowance of at least £1,000 for the current tax year to avoid ‘oversubscribing’.

As you can see, you can remove one amount from your Proplend IFISA and return a different amount. Any amount paid back in over the amount withdrawn would count as new ISA subscriptions. If you don’t return the funds to the same flexible ISA within the same tax year – it’s will be treated as a permanent withdrawal from that ISA.

If you withdraw current year subscriptions from your Proplend IFISA, the net amount returned before the end of the current tax year will be treated as the amount you subscribed – not the total amount of all subscriptions. This could leave you will an increased allowance to subscribe to other ISAs.

Example scenario – If you withdraw all subscriptions to the Proplend IFISA in the year they were subscribed but don’t return them in that same tax year, your net subscriptions to this ISA will be nil. You will still have ‘subscribed’ to your one IFISA for the year though as we did receive subscriptions. You might still have scope to subscribe to one of the other types you are yet to subscribe to in that tax year.

Sending the withdrawn funds to a different provider or returning them after the current tax year, may mean you’re in danger of exceeding annual subscription limits. It may not have been your intention to exceed the number of IFISAs of one type you could subscribe to during one tax year, or for the returned amount to be treated as a new subscription, but that is how it is likely to be treated.

Should you exceed your annual ISA allowance or subscribe to too many ISAs, your ISA provider(s) will need to remedy the situation and may charge you a fee for the extra admin required. Flexible withdrawals from an ISA should not be confused with ISA ‘transfers’. For one thing, transferring all current year subscriptions within an ISA preserves your right to invest subscriptions in another ISA of the same type – withdrawing subscriptions and reinvesting them to another ISA of the same type yourself would not be permitted.

Remember – Never take funds out of your ISA that you intend to ‘transfer’ to another provider and never try to rectify breaches of ISA limits yourself. Your ISA providers will take the appropriate action on your behalf.

You Can Withdraw Money from Your IFISA Whenever You Want

So a Proplend IFISA is flexible and you can withdraw and return ISA monies within the same tax year. But you can also draw-down some or all the value of your ISA permanently.

Subject to selling your loan investments and the required cash being available, you can request a withdrawal from your ISA through your Lender Dashboard. You don’t have to tell us whether you intend to return some or all the funds before the end of the tax year (i.e. whether it’s a flexible withdrawal or not). Any withdrawals not returned to your IFISA before the tax year end will be treated as permanent withdrawals. Any amounts returned before 6 April will be treated as flexible withdrawals.

Your Proplend IFISA will remain open unless you specifically tell us that you want to close it. This means you can invest new ISA subscriptions and transfers in the future. This may prove particularly useful considering the current regulatory restrictions only allowing people to subscribe to one new ISA of each type per tax year.

Remember – You can withdraw all of the funds from your flexible ISA (current subscriptions and ISA monies from previous tax years) and replace the same amount within the same tax year without having been deemed to have made further subscriptions. The available flexible balance resets at the beginning of each tax year, meaning you can withdraw this value and any new subscriptions and transfers in the new tax year and return them by the end of that tax year. This figure will be clearly displayed on your Proplend IFISA dashboard.

Transfers Out of Proplend IFISA

Just as you’re free to transfer any ISA pots from previous years into a Proplend ISA, we think you should also be completely free to transfer out some or all your ISA monies with us – without paying transfer out fees. By not charging transfer out fees we hope you’ll have more confidence investing to a Proplend IFISA in the first place.

You’ll need to sell some or all your loan investments before you can transfer out as we can only transfer cash to other providers. You can make your loan investments available for sale through our secondary market – the Proplend Loan Exchange (PLE).

When you’ve sold the loan(s), we’ll transfer the proceeds as a single payment to the receiving provider. Your Proplend IFISA will remain open and able to accept new ISA subscriptions and transfers in.

Proplend Charges

Unlike many ISA providers, we don’t charge for account opening and we don’t charge for transfers in – or for transfers out. There’s no charge for withdrawals of £50 or more but we will pass on bank charges (£0.55) for payments out of the ISA under £50. We do reserve the right to charge for extra admin caused by Investor breaches of ISA rules (‘Voids’).

Summary of IFISA charges

  • ISA Opening                          No charge
  • ISA-Specific Fee                    No charge
  • Transfer Ins                            No charge
  • Transfer Outs                         No charge
  • Withdrawals £50+                 No charge
  • Withdrawals under £50        £0.55 bank charge for each
  • Voids incl. ‘repairs’                Up to £75 depending on the extra admin required

How we make our money

Proplend aligns itself with the interests of its Lenders by deducting a ‘Lender Fee’ equivalent to 10% of the monthly interest from all monthly gross interest payments. We get paid when you do. This is the same for both traditional Proplend investments and Proplend IFISA loan investments.

We also charge a 0.5% ‘Novation Fee’ for loan investments sold through the Proplend Loan Exchange (PLE). You will incur this fee if you sell a loan investment before the end of the loan term.

Your Right To Cancel

You will have 14 days from opening your Proplend IFISA to change your mind and cancel. Just let us know within the cancellation period and we’ll return any new ISA subscription monies to you. Your right to cancel will expire after 14 days or once you have invested to any of our platform loans – whichever is soonest.

You will also effectively waive any remaining cancellation period should we receive a transfer in from another of your ISA providers during the first 14 days. If you change your mind after your cancellation period has expired, we would follow the withdrawal and/or transfer out process(es). This would still count as an IFISA you have opened for that particular tax year unless you transfer out all current year subscriptions to another IFISA provider in the same tax year you opened the Proplend IFISA.

Remember – For more information about the Proplend Innovative Finance ISA please take a look at our IFISA Terms and Conditions.

Summary - Why Choose Proplend IFISA

  • Attractive rates of fixed interest income
  • Hassle-free online proposition – you’ll be able to register as a ‘Lender’ and start investing within hours
  • Proplend has been described as “one of the lowest risk P2P lending platforms” – we place an emphasis on minimising Lender risk
  • Capital is at risk but all Proplend loans are secured with a first legal charge of income producing UK commercial property
  • Maximum loan to value of a securing commercial property is 75%
  • A six-month ‘interest reserve’ is withheld from loan capital as a safeguard
  • Comprehensive due diligence information is made available to registered Lenders about all borrowers, properties and leases
  • Proplend has been granted full Financial Conduct Authority (FCA) authorisation and HMRC ISA Manager status
  • A choice of loan to value-based investment ‘Tranches’ – one to suit most risk-reward appetites
  • Buy and sell loan investments on the Proplend Loan Exchange (PLE) – our secondary market
  • Flexibility to withdraw money and return some or all that amount to the ISA in the same tax year without it being considered a new subscription
  • No ISA opening or closing fees and no transfer charges or limits
  • The personal touch – great customer service

IFISA Frequently Asked Questions

1. How do I ‘subscribe’ new money to my Proplend ISA?

  • Register as a Proplend Lender and log into your Lender Dashboard
  • Submit the ‘Banking’ form telling us how much you’re going to be subscribing
  • Initiate the payment from your bank taking care to include your unique IFISA Lender ID as the payment reference.

2. What is the maximum (annual) ISA allowance?

The maximum allowance for ISA ‘Subscriptions’ for the current tax year (2017-18) is £20,000. This limit is subject to change each tax year.

3. What is the minimum investment to Proplend IFISA?

Proplend loans are split into £1,000 loan parts so you will need to subscribe and/or transfer at least £1,000 to your IFISA before you can invest.

For Proplend Loan Exchange investments (purchased after a loan is In Funding) you’ll also need to pay accrued interest for the month – this way you receive all the interest for your loan part(s) on the interest payment date. For investments to new platform loans there’s no accrued interest to pay.

4. How soon can I invest to loans after my money is received?

We’ll let you know as soon as your ISA subscription or transfer has been received. You can then hand-select the loan(s) you want to invest in.

5. How do I make an ISA transfer to Proplend?

You will need to complete our transfer in form (one for each transfer). Either complete the form before printing it out or print it out and then complete it – both approaches will require an original ‘wet’ signature to be provided when sending the form to us.

The transfer in form gives us authority to deal directly with your existing provider. We will send them your completed form with our acceptance and ask them to action the transfer as soon as possible. We’ll let you know when we have received the transfer payment and allocated it to your IFISA – you’ll then be ready to invest the transferred funds.

6. How do I transfer out?

You will need to complete the transfer form for your new ISA Manager (the receiving provider) detailing what you are transferring from our IFISA (i.e. a full or partial transfer of a specified ‘target’ amount). We can only transfer cash to your new provider, so you’ll need to sell some or all your Proplend loans (via the Proplend Loan Exchange) to free up the required amount for the transfer.

7. Can I track the progress of my transfer?

Once you have sent your transfer form to the receiving provider – they will deal directly with the transferring provider. Contact the receiving provider for updates on progress. The process is likely to take 2-4 weeks depending on the transferring ISA type – expect the process to take longer where existing investments have to be dis-invested first.

8. Is the Proplend IFISA flexible?

Yes – any money withdrawn from the ISA can be replaced before the end of the same tax year without being considered as new ISA subscriptions. You don’t have to return the whole amount or know how much you will be returning before the end of the tax year.

Any amount withdrawn that is not returned by the end of the tax year will be treated as a permanent withdrawal. The flexible amount available for withdrawal is reset at the beginning of each tax year. You can withdraw current and past year ISA funds flexibly from your Proplend IFISA.

9. What happens if I die? Do you provide Additional Permitted Subscriptions?

In the event of your passing away, we will close the ISA and send the proceeds to the appointed representative of your estate. We will provide the estate with a tax voucher equivalent that will explain exactly what is required of the estate. We do not currently offer Additional Permitted Subscriptions (APS), but may consider this in the future.

10. What happens if I leave the UK?

Contact us and we’ll talk you through the process. Leaving the UK may mean you lose your ISA allowance – it depends on your circumstances.

11. How many types of ISA can I hold?

You can hold ISAs of all types and split your annual subscription allowance between those different types. You can also hold ISA monies from previous tax years across the ISA types.

However, you can only subscribe new money to one ISA of each type per tax year. That is one Cash ISA receiving current year subscriptions, one Stocks and Shares ISA receiving current year subscriptions and one IFISA receiving current year subscriptions.

You can open more than one of each type if you’re using additional Cash ISAs, Stocks and Shares ISAs and IFISAs for past year ISA monies only.

12. How can I close my Proplend IFISA?

If you want to close your Proplend ISA, you’ll need to sell all current loan investments (via the Proplend Loan Exchange) and let us know what you want us to do with the balance. You can either request for it all to be transferred to another provider, withdraw it all (where it will no longer be considered ISA money) or withdraw some and request for the rest to be transferred.

Emptying your Proplend ISA is not the same as closing it, so you’ll need to specifically tell us that you’d like us to close it.

13. Do I need to sign up for a Proplend IFISA every tax year?

You only need to open one IFISA with Proplend. The same IFISA can hold different loan investments and ISA monies from past years and the current tax year. You will be required to agree to our Terms and Conditions when you first open a Proplend IFISA via your Lender Dashboard. We will let you know each time they change.

14. What information do you report annually about my IFISA?

We are required to report certain information about your ISA to HMRC each year. This includes the amount subscribed, a valuation of your holdings at the end of the tax year and some personal details. The process is entirely secure and your details are not compromised or shared with any other third parties.

15. Can I transfer in existing (non-ISA) loans into my IFISA

Unfortunately, ISA rules don’t allow non-ISA peer to peer loan investments to be transferred (‘in-specie’) into an IFISA.

16. Do you provide Junior ISAs?

No – unfortunately ISA regulations don’t permit P2P lending investments within Junior IFISAs.