Have you used up your existing ISA allowance for the year or have an ISA that is not performing as you would wish?
Mongoose Crowd has just launched a new service that will enable you to transfer your existing ISA to the BWCE Solar Bond, held in an Innovative Finance ISA wrapper. Thus retaining the tax free benefits available to holders of ISAs.
Transferring ISAs in this way means that you can transfer cash from your current Cash or Stocks and Shares ISA to an Innovative Finance ISA. If you wish to transfer a Stocks and Shares ISA you will first have to sell any investments you have before the funds can be transferred to Mongoose Crowd.
Please note that the ISA rules set out by HMRC require that you can only pay in to one Cash ISA, one Stocks & Shares ISA and one Innovative Finance ISA in any given tax year. The maximum combined amount you can contribute across all your ISA accounts in 2017-18 is £20,000.
You can transfer as many previous years’ ISAs as you wish, and the amount you transfer doesn’t affect the current ISA allowance of £20,000 in year 2017-18. So, for example, if you choose to transfer £5,000 from an earlier ISA, you can still contribute up to £20,000 into your current 2017-18 IF ISA allowance, meaning you can make a total IF ISA investment of £25,000.
You can choose to transfer some or all of the money held in your other ISA accounts. For example, if your current ISA holds £10,000, then you may choose to only transfer £4,000 to your Innovative Finance ISA.
You will need to register first with the Mongoose Crowd platform to arrange the transfer of your ISA but the process is relatively simple. If you get stuck you can find more information here or get help by calling 0330 223 0062 or emailing Mongoose Crowd.