ISA TRANSFER PROCESS

Transferring an ISA to us is a simple 3-step process. Please make sure you have the following information to hand before you begin:

  • Your National Insurance (NI) number
  • The name of your current ISA provider
  • The ISA account number
  • Your ISA sort code (useful but not essential)

HOW TO TRANSFER YOUR ISA TO ENERGISE AFRICA

 

From the Account button in the top-right of your screen, click on the IFISA section of the menu, then select New Transfer.

 

STEP ONE: ISA AGREEMENT

Read, understand and agree to the IFISA terms and conditions. Enter your NI number and select your existing ISA provider, then save and continue.

 

STEP TWO: CURRENT ISA DETAILS

Select the type of ISA you wish to transfer, input your existing ISA account number (and sort code, if known). Confirm whether you have subscribed to the ISA you are transferring in the current tax year, how much of the ISA you wish to transfer, and the total value to be transferred. Indicate whether you would like to serve the full notice period of your existing ISA before transferring, or whether you would like to proceed with the transfer request immediately (including any penalty this may incur from your current ISA provider). Submit your transfer request.

 

STEP 3: PRINT, SIGN AND POST

Print your ISA Transfer Request Form, checking to ensure that all details are correct, then sign and date the form and post it to our ISA Manager (Share In Ltd): Share In Ltd, Argyle House, 3 Lady Lawson Street, EDINBURGH, EH3 9DR; If you don't have access to printer, please contact us at [email protected] and we will send you a form to sign and return to us.

YOUR IFISA QUESTIONS ANSWERED

What is the Innovative Finance ISA (IFISA)?

The Innovative Finance ISA or IFISA, was established in 2016 to enable investors to hold, tax-free, peer-to-peer loans, and other approved crowdfunded debt instruments, such as bonds. The IFISA was launched in recognition by the UK Government of the growing role that peer-to-peer lending is having in bringing investors and borrowers together outside of the mainstream banking sector. Energise Africa offers its members the option of opening an IFISA in which eligible investments can be held.

How does an Energise Africa IFISA work?

The Energise Africa IFISA is designed to let you get the same benefits you’re used to from a traditional Cash or Stocks & Shares ISA but enables you to invest into our crowdfunded bonds issued by sustainable energy companies. This gives you the freedom to use your money to help increase the access to sustainable energy for families in sub-Saharan Africa while balancing the risk of this kind of investment with the tax-free returns on any interest earned within your IFISA.

How much can I invest in an IFISA?

The new IFISA allows you to subscribe up to £20,000 during the tax year. All returns are tax-free so you can make the most of your annual ISA allowance while creating a positive impact on people and the planet.
*Tax-free status is individual and subject to changes in legislation. Please consult a tax professional if you are uncertain about your eligibility.

What offers can I invest my IFISA in on Energise Africa?

All the bonds listed on Energise Africa are eligible to be held within an IFISA. We're always working hard to bring new projects to our investors, so check our investment page regularly.

Who are ShareIn?

Share In Ltd (ShareIn) facilitates payments to and from investors and, where an investor chooses to invest via an ISA, administers the IFISA account under the Individual Savings Account Regulations 1998.  ShareIn is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 603332).  ShareIn is not responsible for assessing the credit-worthiness of investment issuers and does not sit on the Energise Africa Investment Committee. Neither is ShareIn responsible for issuing or approving the contents of the Information Memorandum or any other materials relating to the promotion of investments.  

 

 

IMPORTANT INFORMATION ABOUT THE TRANSFER PROCESS

FCA guidelines state that Cash ISA transfers should be completed within 15 working days while transfers from a Stocks & Shares ISA should take no more than 30 working days.

It is your own responsibility to find out from your existing ISA provider if there will be any penalty charges applied for closing or transferring your current ISA to us.

You will not be able to place an order for bonds from your Energise Africa IFISA account until the transfer process has been completed and cleared funds are available to invest. Transferring an ISA carries the risk that a particular bond offer might be fully funded, or otherwise closed, when your funds become available to invest.

Funds not invested into bond(s) will remain in your Energise Africa IFISA, earning no interest. You can choose to invest into any current or future IF ISA eligible offer on the Energise Africa site once the transfer process has completed. You can also request to transfer any uninvested ISA funds to another ISA provider at any time.