With over £700m invested across more than 90,000 Innovative Finance Individual Savings Accounts (IFISA) in the 2017-18 / 2018-19 tax years, a significant rise in figures is anticipated for the tax year 2019/20. Albeit the market is flourishing, there are still problems which remain unresolved. ISAs were created to help people save but most traditional ISAs don’t give users enough flexibility with their investment choices. According to the current ISA rules, investors can open only one ISA of each type per tax year. This impedes the investors’ ability to build a diversified IFISA portfolio.
With MultiISA we aim to provide a service that will help investors take full advantage of the tax breaks available under legislation. We are currently building our single management platform with client portal access and have arrangements in place which will allow us to present investments from 50+ of the top platforms in one place. With our “Wrapper”, consumers will be able to choose their own qualifying investments on a Self-Invested basis across all ISA Types.
Even though there are many different types of ISAs, we will initially focus on the IFISA, with peer-to-peer loans sitting in its core. With an open approach to providing a full market view to consumers and a route to FCA regulation lined up, we are on a mission to build trust and a reputation for consumer-focused excellence.
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|Tax Relief Available||SEIS & EIS|
|Location||London, United Kingdom|
|Pitch Launched On||21/09/2020|
|Pitch Closes On||25/01/2021|