You can transfer all your existing ISA; we do not have a minimum transfer-in amount, however if it is below £2,500 we do apply a small admin charge of £35.00 per transaction.
What do I do if I want to transfer my IFISA to another provider?
All you need to do is contact us either by email or telephone and we will guide you through the process, step by step. There is a £100 administration fee deducted at source on a ‘Transfer Out’ to another provider, per transaction.
Current year subscriptions
You may only have one IFISA that is funded with new money in any tax year so you must transfer all monies subscribed in the current tax year to the new ISA manager. Any income/interest credited (still on account) to the ISA relating to the current year subscription will also have to be transferred.
Previous years subscriptions
Investors can transfer whole or part of previous years’ balances to the new ISA manager.
Our administrators levy charges on us for transferring out, we reserve the right to pass those charges onto lenders when transferring out.
Bids on Proposed Loans: When money is bid to a loan those funds are suspended in your account until the loan closes and completes. These funds are unable to be transferred while in a bid and bids cannot be cancelled. When a loan closes, you may sell the holdings on the Secondary Market and transfer the resultant cash.
Current Year Subscription amounts: For clarity we count the ‘Current Year Subscription Amounts’ as new money into an account and any gains made on that account in that year.
Co-mingled old and new money: If you have subscribed new money to your Ablrate IFISA and subsequently invest that money into a loan and, subsequent to that, you transfer in existing ISA money there could be an issue when transferring out new money to a new IFISA provider.
Additional guidance is due from HMRC and our policy will be updated accordingly. Our view is that as long as there is sufficient funds within the IFISA from transfers in (i.e existing ISA funds transferred to Ablrate), then we will treat the loan as fungible. This essentially means that there is an implicit purchase of loans within the IFISA from old funds to new which would allow you to transfer all new money subscriptions in that year (along with interest earned on loans in that year) to the new IFISA manager.
PLEASE REMEMBER, REGARDLESS OF THE TAX BENEFITS, CAPITAL IS AT RISK
Whether investments are held within a IFISA or in a general account, they are not covered by the FSCS; the government backed deposit insurance scheme that protects bank deposits including Cash ISAs.