Assetz Capital Innovative Finance ISA (IFISA) “How To” Guide.
Please note that AC cannot provide any form of tax advice so if you are uncertain of the tax treatment of your IFISA you should seek advice from a qualified professional.
The Assetz Capital (AC) Retail Investment Platform is now closed
to new investment.
This means that:
- no new IFISAs can be opened;
- no new subscriptions can be made into existing IFISAs;
- it is no longer possible to make a “Transfer In” to the AC IFISA from another ISA provider.
Cash funds in your IFISA can be withdrawn from the platform, but in
doing so they would step out of your IFISA Tax Free allowance.
The AC IFISA is “flexible” which means that Cash funds withdrawn are
able to be replaced back into the IFISA within the same Tax Year. In
doing so they would step back into the Tax Free allowance relevant to
that IFISA.
This feature would allow Cash funds, that are not earning any interest,
to be moved temporarily into an interest-bearing environment outside of
the AC platform. They could then be replaced back into the AC IFISA,
within the same Tax Year, so that a Transfer Out to another ISA provider
could then be performed, which would allow the Tax Free status of the
funds to be maintained.
In order to start a Transfer Out, away from AC to a new ISA provider, you must:
- Choose a new ISA provider you want to transfer Cash fund to;
-
complete that ISA provider’s “Transfer In” form, including details of;
- the Cash amount currently available within your AC IFISA that you wish to transfer;
- AC’s name & address details as the current ISA provider;
- your unique AC IFISA reference number, which can be found displayed on your Investor Dashboard in the amber banner in the “Cash Accounts” section.
- Sign and date the form and send it to your chosen new ISA provider, who will process it and forward it on to AC. Please DO NOT send it to AC.
Once received by AC we will:
- Confirm to you that the Transfer request has been received
- Qualify with you and/or the new ISA manager any elements that need clarification.
- Transfer Cash funds to your new ISA provider along with a Transfer History Form confirming the Tax Free ISA status of the Cash funds.
In accordance with ISA Regulation, a reasonable time period not
exceeding 30 days is allowed to complete the Transfer, commencing on the
date of receipt of the Transfer Request form.
Please take into account that only Cash funds can be transferred. You
cannot immediately liquidate loans held within your AC IFISA to fund a
Transfer Out.
There is currently no Fee charged for this service, but we reserve the
right to do so in future based on the costs related to providing the
service. Any future changes will be reflected within an update to the
IFISA Terms & Conditions published on the Investor Platform here
—
https://investors.assetzcapital.co.uk/view-ifisa-terms
If you have any questions or queries please contact our Investor Team,
via
Live Chat
or email
enquiries@assetzcapital.co.uk