IF-ISA

Can I have an ISA on behalf of someone else?

No, an ISA can only be opened by an individual.

Can I have more than one ISA?

As long as your total tax-free savings in 2019/20 are no more than £20,000, you can split them across a combination of cash ISA, investment ISA, or innovative finance ISA savings. However, they would have to be different types of accounts, meaning, for example, you can’t invest in two cash ISAs in the same tax year. So you can definitely have more than one ISA per year – they just have to be different types of ISAs

Can I transfer in from a building society ISA?

Yes, you can transfer in from a building society Cash ISA. When using the online transfer form, you’ll need to provide your building society roll number.

Can I withdraw funds from my ISA before the maturity date?

No, as all of our ISAs are for fixed terms. Your capital will be repaid at the end of your chosen term.

Do I have any personal tax-free savings allowances outside of an innovative finance ISA?

Yes, you are entitled to a Personal Savings Allowance. Basic rate taxpayers can earn up to £1,000 interest pa tax-free, or, if you’re a higher rate taxpayer you can earn tax-free interest of up to £500 per annum across your savings, investments and deposit accounts.

Yes, you are entitled to a Personal Savings Allowance. Basic rate taxpayers can earn up to £1,000 interest pa tax-free, or, if you’re a higher rate taxpayer you can earn tax-free interest of up to £500 per annum across your savings, investments and deposit accounts.

Do I need to report my innovative finance ISA interest on my tax return?

No, your ISA Manager Kuflink will report this to HMRC on your behalf. There is no tax payable on your interest, subject to you having met HRMC’s ISA allowance criteria.

Do you charge fees for managing my ISA?

No, we do not charge any management fees.

For our full list of applicable fees, please visit the ISA page on our website.

Do you charge fees for transferring an ISA to kuflink?

No, we don’t charge any fees for transferring-in an ISA from another provider. However, you may be subject to fees from your existing ISA provider.

Do you need any additional information when I open my ISA?

To verify your identity, you will need to provide your National Insurance number as well as a copy of your UK passport or driving license.

Do you provide an annual interest statement for my ISA?

Yes, this will be uploaded into your wallet annually.

Do you take transfers in from other ISA managers?

Yes, we do accept transfers in from other ISA managers.

How can I transfer money to fund my new ISA with kuflink?

You can fund your Kuflink IF-ISA by bank transfer. When you open your account, you will receive Kuflink’s bank details and your unique reference number, which you should quote whenever you send funds to Kuflink.

How can I transfer my ISA at maturity to another provider?

Please send us an email at hello@kuflink.co.uk or give us a call on 01474 33 44 88 and we will be happy to organize your ISA transfer.

How do I open an innovative finance ISA with kuflink?

You need to register on our platform and open your account in the usual way and once your wallet has been funded you should select the ISA option and the term you wish to invest for.

Firstly, you will need to create a Kuflink account in order to access the platform. Once you’re registered, follow the instructions to top up and then simply select the ISA option and the term you wish to invest for.

How do I transfer-in an existing ISA to kuflink?

Please follow this link, which will take you to the relevant forms that you need to complete.

Alternatively, you can log in to the platform, click on ‘My Investments’ and select ‘Transfer ISA’ from the drop-down menu.

We will do the rest and liaise with your existing ISA provider to ensure the transfer happens smoothly!

How much can I invest in an ISA?

The annual allowance for the 2019/20 tax year is £20,000. You need to ensure that the total amount of new money you subscribe to an ISA (whether it is cash, stocks and shares, innovative finance, or a combination of the three) does not exceed the annual limit.

Is there a cost for transferring my ISA to another provider?

To transfer your Kuflink ISA to another provider there is a fee of £35 payable to Kuflink.

What are the tax rules on ISA’s?

All returns are tax-free and do not count towards your interest allowance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers for the 2019/20 tax year. If you are unsure about your tax position, you should speak to an Independent Financial Advisor or your Accountant.

What if I exceed the annual ISA allowance?

As it’s possible to have a number of different types of ISAs, there is a risk that you might exceed your ISA allowance during a single tax year.

At the end of the tax year, records for individuals will be checked and HMRC will know if you have exceeded your annual ISA allowance for any given tax year.

Where HMRC identifies a potential breach of allowance, we will work with them and notify you of any remedial action.

Should we need to repair your ISA, we will not charge a fee.

Please note: your current ISA provider may charge you to transfer out.

What information do I need to provide to sign up?

You will need to upload a copy of your valid photo ID which could be Passport, Driving Licence or your National ID Card.For additional security we also require you to take a photo of yourself.

What is the kuflink innovative finance ISA?

The Innovative Finance ISA (IF-ISA) was launched on 6 April 2016 as a new addition to the ISA options available. The IF-ISA allows savers to all or part of their annual ISA investment allowance (currently £20,000 in the 2019/20 tax year) to receive tax-free interest on funds lent through FCA-regulated peer-to-peer lending platforms. Kuflink was approved by HMRC as an ISA manager in May 2017

Kuflink Ltd became fully authorised by the FCA in April 2017, giving us permission to launch an innovative finance ISA.

When does my interest get paid?

Interest is paid annually on the anniversary of your initial investment and the funds are credited to your wallet.