Editing Individual savings account (section)

===Innovative finance ISA===
Innovative finance ISAs (IF ISAs or IFISAs) became available from 6 April 2016.<ref>{{cite news |url=https://www.gov.uk/government/publications/income-tax-innovative-finance-individual-savings-account-and-peer-to-peer-loans/income-tax-innovative-finance-individual-savings-account-and-peer-to-peer-loans |title=Income Tax: Innovative Finance Individual Savings Account and peer to peer loans |work=Gov.uk |date=2015-12-08 |access-date=2016-04-14 }}</ref> They are similar to cash and S&S ISAs but designed to be used for [[peer-to-peer lending]] investments, which were not previously eligible to be held in an ISA. Only platforms with full [[Financial Conduct Authority|FCA]] authorisation (and ISA manager status) are eligible to offer IF ISAs; at launch this barred all major existing platforms because they were awaiting authorisation, leaving just eight at the time relatively minor platforms available and 86 awaiting approval.<ref name=FCAMarch2016>{{cite web|url=http://www.fca.org.uk/news/peer-to-peer-applications-for-full-authorisation|title=Statement on peer-to-peer applications for full authorisation|date=31 March 2016 |publisher=[[Financial Conduct Authority]]|access-date=19 April 2016|quote=As at 30 March 2016, eight firms have been fully authorised to operate P2P platforms. There are a further 86 firms awaiting a decision, of which 44 have interim permission}}</ref> Equity-based [[crowdfunding]], although similar to peer-to-peer lending, is not included in the eligible products for this type of ISA.<ref name=HMRCDec2015IFISA>{{cite web|url=https://www.gov.uk/government/publications/draft-legislation-innovative-finance-individual-savings-account-and-peer-to-peer-loans|title=Draft legislation: Innovative Finance Individual Savings Account and peer to peer loans|publisher=[[HM Revenue and Customs]]|date=8 December 2015|quote=a new Innovative Finance Individual Savings Account (ISA) from 6 April 2016 where interest and gains from qualifying peer to peer loans will be eligible for ISA tax advantages ... Peer to peer lending platforms are regulated by the Financial Conduct Authority (FCA) where they carry out activities detailed in Article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I 2001/544)}}</ref>

From 1 November 2016 many transferable [[debenture]]s including debt securities and bonds became eligible for inclusion provided they are issued by a company or charity. They can be included whether offered via a P2P platform or not.<ref name=altfinews20160816>{{cite news|url=http://www.altfi.com/article/2187_treasury_to_allow_bonds_and_other_debt_securities_for_innovative_finance_isa|title=Treasury to allow bonds and other 'debt securities' for Innovative Finance ISA|publisher=[[altfi news]]|first=Daniel|last=Lanyon|date=16 August 2016|quote=Investors will be able put their cash into bonds and other debt securities made through p2p and crowdfunding sites within the tax efficient Individual Savings Account (ISA) wrapper from 1 November 2016 ... the 'debenture' i.e the bond must be a 'transferable' security issued by a company or a charity}}</ref><ref name=HMRC20160816>{{cite web|url=https://www.gov.uk/government/publications/draft-legislation-innovative-finance-individual-savings-account-and-debt-based-crowdfunding|title=Draft legislation: Innovative Finance Individual Savings Account and debt based crowdfunding|publisher=[[HMRC]]|date=9 August 2016|quote=from 1 November 2016 to provide that certain debentures issued by companies and charities and offered via an electronic system (including those offered via a crowdfunding platform) can be held in an innovative finance ISA where they satisfy certain conditions.}}</ref>

The same rules with respect to subscription limits and transfers are applicable to the IF ISA as other adult ISAs, including the restrictions of current year money going to only one ISA manager, and an unrestricted number of managers for past year money.<ref>{{cite news |url=https://www.lendingworks.co.uk/blog-post/how-will-transferring-old-isa-funds-new-ifisa-work |title=How will transferring old ISA funds into a new IFISA work? |work=LendingWorks |date=2016-03-02 |access-date=2016-04-14 }}</ref>