March 2018
IT IS IMPORTANT THAT YOU UNDERSTAND THE FOLLOWING RISK WARNING AND THAT YOU READ THESE TERMS CAREFULLY:
These terms and conditions govern the opening and operation of an Innovative Finance ISA (“IFISA”) via MoneyThing by a Lender Member and form part of the Lender Terms. Capitalised terms not otherwise defined in these ISA Terms shall have the meaning given in the Lender Terms. All the provisions and definitions of the Lender Terms apply to these ISA Terms, except to the extent that they are inconsistent with or modified by these ISA Terms or the ISA Requirements.
2. DEFINITIONS
The following definitions should be read carefully as they provide important explanation and guidance on interpretation of the language used in these ISA Terms.
Lender Terms: the lender terms and conditions which govern the terms on which Lender Members participate in Loans via the Platform.
MoneyThing IFISA: the Innovative Finance ISA we provide pursuant to these ISA Terms.
ISA: an Individual Savings Account.
ISA Guidance Notes for Managers: the guidance notes issued from time to time by HM Revenue & Customs to ISA managers on how to operate the ISA scheme, as amended or replaced from time to time.
ISA Regulations: the Individual Savings Account Regulations 1998 (as amended or replaced from time to time).
ISA Requirements: the ISA Regulations and the ISA Guidance Notes for Managers.
ISA Terms: these terms and conditions relating to the MoneyThing IFISA.
3. INTERPRETATION
In these ISA Terms the following rules of interpretation shall apply:
3.1 Clause and paragraph headings shall not affect the interpretation of these ISA Terms;
3.2 A reference to a person shall include a reference to an individual, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives, successors, permitted assigns and permitted transferees;
3.3 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular; and
3.4 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.
4. APPOINTMENT AND AUTHORITY AS ISA MANAGER
4.1 MoneyThing Capital Limited is registered in England and Wales with company registration number 05254797 whose registered office is at 39 Church Crescent, Whetstone, London, N200JR.
4.2 MoneyThing is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 703549. MoneyThing is approved by HMRC to act as an ISA Manager and our HMRC reference is Z1948IF.
4.3 MoneyThing is not covered by the Financial Services Compensation Scheme.
4.4 You agree that MoneyThing will be your IFISA Manager and you authorise us to manage your IFISA account in accordance with these ISA Terms and to report to HMRC in relation to your IFISA account.
4.5 In the event that an associate is appointed and substituted as ISA Manager we will notify you 30 calendar days in advance of such appointment. The appointed associate will manage your MoneyThing IFISA in accordance with these ISA Terms, or will notify you of any changes. We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under these ISA Terms is competent to carry out those functions and responsibilities.
4.6 We are not liable for any negligence or misconduct of any such delegate or associate appointed under clause 4.4. We will not, however, exclude or restrict any liability owed to you under the ISA Requirements.
5. ELIGABILITY FOR THE MONEYTHING IFISA
5.1 Your ISA will be an Innovative Finance ISA (IFISA).
5.2 To be an eligible person to subscribe for the MoneyThing IFISA with us you must:
5.3 You confirm that you meet the criteria set out in 5.2 and that the information you have provided is true and accurate.
5.4 You agree to notify us immediately if any other details relating to your eligibility as set out in clause 5.2 change or any of your contact details change.
5.5 To open a MoneyThing IFISA account, we must be in receipt from you of a completed ISA application, together with your payment for any amount between our stated minimum investment up to the maximum annual subscription allowance for an Innovative Finance ISA. We must receive your first subscription in the same tax year as your initial application.
5.6 When you open a MoneyThing IFISA account, the application is for the current tax year. The cut-off date for applications to be included in a particular tax year will be 5 working days before the end of such year. Any applications received after that date will be processed as quickly as possible, however we do not guarantee that they will be eligible for the current tax year and they may be accepted in the following tax year. Note clause 8.6 of these ISA Terms describes the treatment of subscriptions on or around the end of the Tax Year.
5.7 MoneyThing IFISA investments will be, and must remain in, your beneficial ownership and must not be used as security for a loan.
5.8 Any documents (such as loan agreements) evidencing your title to MoneyThing IFISA investments will be held by us or as we may direct in accordance with the ISA Regulations.
5.9 We reserve the right to decline an application to open an account from you or any deposit.
6. DECLARATION
6.1 You are required to sign an ISA declaration before you can open a MoneyThing IFISA and we will ask you to do this during the registration process. The declaration allows you to make subscriptions into your MoneyThing IFISA for the current year.
6.2 We do not operate continuous subscriptions which means you will be required to sign a new ISA declaration and agree to these ISA Terms in each tax year.
6.3 If you do not sign a declaration and agree to ISA Terms in a particular tax year, you will not be permitted to make subscriptions in that tax year. This will not affect the operation of the remainder of your MoneyThing IFISA account.
7. UK RESIDENCY
7.1 If you are unsure of your residence status you should refer to the Statutory Residence Test guidance on the uk website.
72. If you no longer satisfy the applicable criteria in 5.2(d) above, you must notify us as soon as possible by email to support@moneything.com as any subscriptions made in that year may need to be removed from your MoneyThing IFISA.
7.3 In accordance with clause 17 (Voids and Invalid Subscriptions and Repairs) if you cease to be an eligible resident and have already subscribed to your MoneyThing IFISA within the same tax year, then your current subscription will no longer be valid and will be cancelled. You confirm agreement that we have authority to act in accordance with clause 17.
7.4 If this is a temporary change in circumstances and you become a UK resident later in the tax year, and qualify as UK resident for the entire tax year (in accordance with ISA Regulations) you may be able to re-subscribe your allowance as the residency qualification is declared for the full tax year.
7.5 In the event that you cease to be UK resident, you will still be able to hold your IFISA, and receive interest, but will no longer be able to subscribe new ISA funds.
7.6 You will accept full responsibility for determining your residency status. In the event that you cease to be UK resident, but subsequently qualify as a UK resident again within the same tax year, you may not be permitted to make an IFISA subscription again until the next tax year. However, in accordance with ISA Regulations, should you be eligible for the duration of the tax year you will be able to re-utilise your IFISA allowance.
7.7 Should you inform us of non-UK residency retrospectively then the tax year when non- residency status occurred will become invalid for IFISA subscriptions. Any subscriptions made within that tax year will be removed, regardless of your current residency status. You will not be able to transfer to another ISA Manager and must liaise with HMRC to determine the tax implications of your withdrawn IFISA.
8. ISA SUBSCRIPTIONS
Current Year ISA Subscriptions
8.1 Current Year ISA subscriptions are the funds that you subscribe to in an ISA with us or another ISA Manager in the current tax year. The current year ISA allowance for an IFISA or a combination of ISAs is variable each tax year and may change in subsequent tax years.
8.2 There are four types of ISA: Stocks and Shares, Cash, Lifetime and IFISA. Your ISA subscription can be split between these four types of ISA provided that:
8.3 You are not eligible to apply if, in the same tax year as you are applying for a MoneyThing IFISA, you have already subscribed to an Innovative Finance ISA, or have already subscribed the maximum available allowance to a Cash and/or Stocks and Shares ISA. These restrictions do not apply if you:
8.4 The minimum subscription amount to subscribe to the MoneyThing IFISA is £1,000 per annum. You may only subscribe to the MoneyThing IFISA in cash, either by transferring in cash from another ISA or by making a cash deposit into your MoneyThing IFISA account. If you do not make a subscription for at least the minimum subscription amount within the applicable tax year, then in the absence of specific instruction and following 30 calendar days’ notice, we will close your MoneyThing IFISA account in accordance with clause 16 of these ISA Terms.
8.5 The maximum you can subscribe to a MoneyThing IFISA is prescribed in the ISA Regulations. Transfers of ISAs from previous tax years will not affect the current year limit for ISAs.
8.6 If you subscribe on the last working day of the tax year or the next working day if it falls on a weekend or public holiday, provided that the funds are cleared in our client money account, then this will count towards your IFISA subscription for that tax year. Pre-payment of funds for the next tax year will not be accepted. Combined transfers for both years will not be accepted.
8.7 It is your responsibility to ensure that you do not exceed your annual subscription limit. MoneyThing is not obliged to accept subscription requests if we believe that by doing so if it would lead to a breach of the ISA Requirements. You acknowledge that we may not be aware when accepting a subscription request from you that you may be in breach of your overall subscription limit as we will not have such information on other ISA holdings that you may have with other providers. Nothing in these ISA Terms makes us responsible for ensuring that you do not exceed your annual subscription limits or the ‘one ISA per tax year’ rule.
8.8 If we discover that you have subscribed to a disallowed combination of ISAs with different ISA managers, or you have exceeded your overall subscription limit then:
8.9 Please note if any of the events referenced in clause 8.8 (b) occur then HMRC will contact you as a result. If you wish to contact HMRC and discuss the error, you can telephone the ISA helpline on 0300 200 3312. We will not be responsible for any errors made by HMRC in relation to your ISA allowance.
Previous Year ISA Subscriptions
8.10 Previous Years ISA subscriptions are funds you subscribed in past tax years with any ISA Managers together with the income you earned on those funds. Your Previous Years ISA subscriptions can be:
8.11 There is no limit to how many Previous Years ISA subscriptions you can have in your MoneyThing IFISA account. However, you cannot add to Previous Years subscriptions.
8.12 All Current Year subscriptions and related income in your account will automatically become Previous Years subscriptions when the current tax year ends. We will continue to hold all Previous Years subscriptions in your MoneyThing IFISA account unless you instruct us otherwise.
8.13 Only the following types of funds may be held within your MoneyThing IFISA account:
8.14 All funds held as described in 8.13 will be included in your ISA subscription allowance. Uninvested funds not invested in a Loan will not generate any interest.
8.15 Your MoneyThing IFISA will include any current and previous years’ subscriptions that you made.
9. TRANSFERRING YOUR ISA TO MONEYTHING
9.1 You may transfer money into your MoneyThing IFISA from an existing ISA with another provider. We only accept cash transfers and so if you are holding investments in a Stocks and Shares ISA or another IFISA, you will need to sell these investments first.
9.2 The ISA transfer must be administered by us. You must not remove any funds yourself from your existing ISA Manager as the funds could lose their ISA status. An online ISA Transfer Authority Form will need to be completed. The ISA Requirements do not require a physical signature to complete the transfer and MoneyThing can process your ‘Transfer In’ request electronically. However, your existing ISA Manager may require a physical signature and it is your responsibility to confirm whether this is a requirement of theirs.
9.3 MoneyThing provides two processes to allow you to transfer funds:
Once we are in receipt of either the electronic or paper Transfer Authority Form, we can then arrange for the funds to be transferred to us from your existing ISA provider in accordance with your instructions and the ISA Requirements. MoneyThing is not responsible for any delays in this process if electronic instructions are rejected by your existing ISA Manager.
9.4 Accepting transfers in will be at our discretion and we are not obliged to accept a Transfer Authority Form from you.
9.5 You can transfer to your MoneyThing IFISA a combination of current or previous years ISA subscriptions that you have made with another ISA Manager. This can be one of the following:
9.6 You may not make a partial transfer of your Current Year subscriptions as this would breach the ‘one ISA of one type’ rule.
9.7 If you transfer current year subscriptions to MoneyThing then we will assume ownership of the IFISA for the tax year and report statistic information to HMRC in accordance with clause 20.
9.8 The transfer process will begin on the later of the date of the Transfer Authority Form and the date you stipulate for us to begin the transfer process. We will then send your request for the transfer of money in your existing ISA to your existing ISA provider together with confirmation that we will accept the ISA transfer. Both the existing and receiving ISA Managers are subject to ISA Regulations regarding an ‘acceptable time period’ to complete transfers. We are not responsible for delays as a result of the existing ISA Manager’s processes. Existing managers are obliged to provide a transfer history form within 30 days of the transfer.
9.9 We are not obliged to accept any ‘Transfers In’ from your existing ISA manager where there is no unique reference number included and we are unable to identify the account it relates to. In this case, your funds will be returned to the existing ISA Manager.
9.10 We will not charge you for transferring in funds to your MoneyThing IFISA account.
9.11 You may need to complete more than one Transfer Authority Form if you are transferring from more than one ISA.
9.12 If you are transferring more than one ISA from previous years, all previous year transfers will be grouped together in your MoneyThing IFISA account and you will not be able to distinguish between them.
10. TRANSFERRING YOUR IFISA TO ANOTHER ISA MANAGER
10.1 You may transfer:
10.2 If you intend to transfer current tax year subscriptions, then this must be for the entirety of the current year. This includes the current year’s ISA subscriptions and any income arising from any Loan Contracts. We cannot transfer part of the current year subscription as this breaches the ISA Regulations.
10.3 If you transfer your current year subscriptions, then your subscriptions will now be held by your other ISA Manager and they will report statistical information to HMRC.
10.4 You will need to contact the other ISA provider in order to arrange a transfer. You should not remove any funds yourself as this could result in the loss of the ISA. Subject to clause 10.5, you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement that transfer. In the case of an IFISA transfer, we are bound to complete the transfer within 15 days of the funds being available in cash. If for any reason we are unable to fulfil this, we will contact your new ISA Manager and act as soon as practically possible.
10.5 We will send your new ISA Manager a transfer history form within 30 days of the transfer, or as soon as practically possible.
10.6 Once we receive your new ISA Manger’s acceptance and your transfer request, we will contact you by email and ask you to confirm your instruction to transfer via our Platform. If we are unable to contact you within 14 days of the receipt of the signed Transfer Authority Form, we will reject the transfer request. This is because we may not have a copy of your signature on file and we may not be able to verify the authenticity of the transfer request.
10.7 You can only transfer funds that are held in cash as uninvested funds in your MoneyThing IFISA account. In the event that your funds are not in cash and ready to transfer you will be required to sell the relevant Loan Contracts via the transfer process in clause 16 of the Lender Terms to turn such Loan Contracts into cash before making a transfer. This could result in a delay in the transfer and/or a loss. We do not guarantee that you will be able to sell your Loan Contracts in this manner.
10.8 If we receive a Transfer Request Form and there are insufficient funds held as uninvested funds in your MoneyThing IFISA account, we will reject the Transfer Request Form and notify you and your new ISA Manager.
10.9 If you choose to transfer funds out from your MoneyThing IFISA to another ISA provider, you will be charged a fee in accordance with the rates in the appendix of these ISA Terms.
11. WITHDRAWALS
11.1 You may make withdrawals from your MoneyThing IFISA account:
11.2 Subject to clause 11, you may withdraw some or all of the cash in your MoneyThing IFISA to your nominated bank account at any time. However, where subscriptions have been lent under Loan Contracts that are current, you will need to sell such Loan Contracts to a New Lender Member in accordance with clause 16 of the Lender Terms to turn such Loan Contracts into cash before making a withdrawal. Note that we do not guarantee that you will be able to sell your Loan Contracts in this manner.
11.3 We operate a flexible IFISA, which means that any withdrawn funds can be replaced within the same tax year of withdrawal. If the withdrawn funds are not replaced the withdrawal will lose its flexible status for that tax year and be reset to the new balance at the beginning of the next tax year.
11.4 You may withdraw and replace any of the cash in your MoneyThing IFISA inclusive of current year subscriptions and previous year subscriptions transferred in from other ISA managers or in subsequent tax years.
11.5 Withdrawals will reduce current year subscriptions first and then previous years’ subscriptions. Replacements will replace previous year subscriptions first and then current year subscriptions.
11.6 You can replace current year subscriptions with any ISA Manager, providing you do not breach the one ISA of one type per year rule.
11.7 If you choose to transfer out to another ISA Manager, and they are not flexible ISA providers, you will lose your flexible allowance. You will be able to replace any withdrawn funds with us before the date of transfer.
11.8 Your flexible allowance is calculated from the net balance of your deposits and withdrawals to the IFISA. We will monitor your MoneyThing IFISA to ensure you do not oversubscribe with us.
11.9 Where a withdrawal is made from our MoneyThing IFISA, any subsequent subscriptions in the same tax year that would otherwise count towards the subscription limit will do so only to the extent that previously withdrawn amounts have been fully replaced.
11.10 You will not be required to complete an application form for each replacement of withdrawn funds under these ISA Terms.
11.11 If your MoneyThing IFISA has current year subscriptions only, any withdrawals over and above the amount subscribed (such as interest or growth), can only be replaced in that IFISA.
11.12 Replacement of previous year subscriptions can only be made into the IFISA that the funds were withdrawn from.
11.13 In the event that a withdrawal closes your MoneyThing IFISA, the replacement of previous year funds cannot be made until such IFISA is re-opened with MoneyThing.
11.14 The MoneyThing IFISA can replace withdrawn funds for subscriptions, transfers in and interest payments. However, not all money that is withdrawn can be replaced. The following withdrawal types cannot be replaced:
12. UNINVESTED FUNDS
12.1 Funds which have been deposited into your MoneyThing IFISA account in accordance with this clause but have not yet been invested in qualifying loans will be held in a segregated client money account and will be managed as stated within the Lender Terms and Conditions. You will not be entitled to any interest on funds held in such segregated client money account.
12.2 You agree to invest your funds into qualifying P2P loans and to only keep your uninvested funds in the client money account on a temporary basis.
13. CANCELLATION OF YOUR IFISA
13.1 If you decide you no longer want a MoneyThing IFISA, you will have the right to cancel your account within 14 calendar days of the date your account is opened, without giving any reason, (the “Cooling-Off Period”) except where:
This does not affect your right to terminate your account in accordance with clause 16 of these ISA Terms.
You can cancel your account by sending an email to support@moneything.com. Your MoneyThing IFISA account is deemed opened once we have accepted your application (including your signed declaration) and you have deposited funds into your MoneyThing IFISA account.
13.2 When you exercise your right to cancel within the Cooling-Off Period, we will, following your instructions, return your deposited funds to either your nominated bank account or to another ISA Manager. If we do not receive any instructions from you within 90 calendar days, the funds will be returned to your nominated bank account and the funds may lose their ISA tax wrapper status.
13.3 When your ISA is cancelled in accordance with this clause 13, you will be treated as if you have not subscribed for such ISA in the applicable tax year and will not form part of our statistical reporting to HMRC.
13.4 If you close your MoneyThing IFISA outside of the Cooling-Off Period, then your subscription will be counted as a subscription to an IFISA and you are not free to subscribe to another IFISA in the same tax year.
13.5 If you cancel your MoneyThing IFISA account in the Cooling-Off Period, you will not be able to re-open the account with us during the same tax year.
14. DEATH OR BANKRUPTCY
14.1 In the event of your death, ISA tax exemptions will no longer apply. Any interest or gains in respect of investments that arise after the date of death to the date of closure will not be exempt from tax. However, there will be no loss of exemption on any interest or gains which arise before the date of death. We will inform your representatives and HMRC of the amount of interest that has been earned on Loans before and after your date of death.
14.2 When we receive notification of your death we will immediately suspend your MoneyThing IFISA account until we receive further instructions from a person with appropriate authority. Before we can release access to such MoneyThing account we require the following from the person with appropriate authority:
14.3 After the date of death we will only accept instructions from your appointed personal representative. If there is more than one executor attached to the probate, we will require authority from all executors to release the funds or otherwise manage the account.
14.4 As soon as we are notified of your death we will immediately offer your Loan Contracts for sale to other Lender Members or where that is not possible, wait for the Loan to end and for the Borrower to repay the Loan. Any interest earned will be reported as earned after the date of death and may be subject to tax.
14.5 The appointed personnel representative will be granted access to the MoneyThing IFISA account subject to clause 14.2 and they will then be able to take appropriate action to close the account. They will have access to:
Once there are no Loans active on the account and the account has a zero balance, it will be terminated.
14.6 If you pass away and your spouse or civil partner holds an ISA then the HMRC guidelines allow for your allowance to be used and added to your ISA allowance, which is known as an “Additional Permitted Subscription” (APS). MoneyThing do not provide APS at this time. If your spouse or civil partner would like to use APS in the event of your death, they will need to transfer to another ISA Manager. In this instance, your surviving spouse should contact us by email at support@moneything.com and we will explain all the options which are available to your spouse in line with the ISA Requirements.
14.7 If you become bankrupt, you agree to notify us immediately.
14.8 In event of your bankruptcy, ISA tax exemptions will no longer apply from the date on which a trustee is appointed to manage your estate.
14.9 On notification, we will immediately suspend your account and await instructions from your Trustee or representative.
14.10 Once you have no Loans and funds have been withdrawn by your Trustee or representative, your account will be terminated.
14.11 Fees are payable for the administration of your account in the event of your death or bankruptcy. Please refer to the appendix of these ISA Terms.
15. P2P LOANS HELD YOUR NON-IFISA MONEYTHING ACCOUNT
15.1 Lenders that apply for an IFISA with MoneyThing will automatically set up with a standard MoneyThing account outside of the IFISA, if they do not already have one.
15.2 Lenders that hold P2P loans in their standard MoneyThing account will not be able to transfer existing P2P loans held outside the IFISA into the IFISA. You can offer those P2P loans for sale on the secondary market and subject to their being a buyer for those loans, you can sell the loans and invest the funds into your MoneyThing IFISA.
15.3 Provided you have funds in your IFISA account, you can buy loans on the MoneyThing secondary market and they will be included in your IFISA.
16. TERMINATION
16.1 After the Cooling-Off Period you may still choose to terminate your MoneyThing IFISA at any time. Provided that you have not subscribed to the IFISA, the IFISA will be closed and not reported to HMRC.
16.2 If you wish to close your MoneyThing IFISA account, you must do so in writing. We may allow you to do so online or you can send an email to support@moneything.com.
16.3 To close your MoneyThing IFISA account, you must meet the following criteria:
16.4 You can satisfy clause 16.3 by:
16.5 If you have subscribed to your MoneyThing IFISA during a tax year and then close the account, otherwise than by transferring the money in your account to another ISA Manager, you will not be able subscribe to another Innovative Finance ISA with another ISA Manager in the same tax year.
16.6 If you have opened and closed your MoneyThing IFISA during the same tax year, you will be able to re-open the account with us during the same tax year.
16.7 We may terminate your MoneyThing IFISA under these ISA Terms at any time if any of the following applies:
16.8 If we terminate your account in accordance with clause 16.7 then we may not be able to close your account immediately if you have outstanding Loans. In this case we will either sell your Loans to other Lender Members or wait for funds to be repaid or recovered from Borrowers. We will restrict your access to your MoneyThing IFISA account and limit the functionality.
16.9 If your MoneyThing IFISA account is terminated in relation to:
you will be charged a fee in accordance with the schedule in the appendix of these ISA Terms.
16.10 Subject to clause 14 and closures under clause 16.7, if you or we close your MoneyThing IFISA account, in the absence of specific instructions from you, any money credited to your account will be dealt with in accordance with the ISA Requirements.
17. VOID AND INVALID SUBSCRIPTIONS AND REPAIRS
17.1 If your MoneyThing IFISA account is invalid or if all or part of a subscription is invalid, we will attempt to repair the account or subscription where permitted under HMRC ISA Regulations.
17.2 If the invalid IFISA account or subscription is not repairable, either the subscription or the entire IFISA account will become void according to the HMRC process. This means that you will lose any tax relief available and may be required to pay tax to HMRC. HMRC will contact you directly in this case.
17.3 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, we become aware that, an ISA has, or will, become void. We will discuss with you to decide the best course of action.
17.4 An administration charge will be debited from the proceeds of an void transaction and the fees are set out in the appendix to these ISA Terms.
17.5 If the invalid funds are in Loans, then we will attempt to sell these Loans to other Lender Members and the cash proceeds will then be paid into your bank account.
17.6 You agree that we are authorised to take the relevant action to either repair a subscription or void an invalid Subscription. We will pay any void or invalid subscriptions into your bank account.
17.7 If you realise that you have over-subscribed for the current or previous tax year, or that you have broken the ISA Regulations regarding subscriptions, you must notify us as soon as possible.
17.8 You should not attempt to repair or void a subscription breach yourself. Please contact us and we will advise you of the correct process.
17.9 If we are notified by HMRC to partially or fully repair, or partially or fully void your ISA, we will assume responsibility for this process and notify you of the action taken. HMRC will have already contacted you prior to a void or repair before they notify us. If you receive a letter of discovery from HMRC please contact us as soon as possible.
17.10 If we are notified by HMRC about a violation of the ISA Regulations, this may result in the termination or partial withdrawal of funds from your IFISA. This could include, but not be restricted to, the following:
17.11 You agree that you remain liable for any payment of tax due in relation to an invalid subscription or account and we will not be liable for any tax or penalties you incur as a result of invalid subscriptions.
18. FEES AND CHARGES
18.1 You will not be charged fees for the opening and general administration of your MoneyThing IFISA.
18.2 We do charge fees for transferring funds to another ISA Manager and for the administration in the event of death or bankruptcy, in accordance with our fee schedule in the appendix of these ISA Terms.
18.3 Any changes to our fees and charges will be subject to 30 day’s written notice of the introduction or increase of fees.
18.4 Any fees payable will be taken from your IFISA account unless you specify otherwise. If there is an insufficient balance in your account to cover these fees, you will be asked to send the balance before the transaction is carried out.
19. ISA REGULATIONS
19.1 The management of your MoneyThing IFISA account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these ISA Terms will apply as soon as they come into effect.
19.2 We will inform you if we become aware that your MoneyThing IFISA account has or will lose its tax exemption through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and request your instruction to either sell the investment and reinvest the proceeds in the account.
19.3 We will follow any instructions given to us by HMRC in relation to your account. This includes, but is not limited to, corrections, rebalancings, repairs and voiding following any ‘Notice of Discovery’. We will notify you of any changes that we have made to your MoneyThing IFISA account as a result of an instruction from HMRC.
20. HMRC STATISTICAL REPORTING
20.1 In accordance with ISA Regulations, we are required to report details of all MoneyThing IFISA subscriptions and the personal details of our MoneyThing IFISA Lender Members on an annual basis. All data is submitted in a secure format via the HMRC portal. You acknowledge and agree that your details will be submitted and that we will not require any further authorisation from you to release this information.
20.2 You may be contacted by HMRC or ourselves for further clarification regarding missing, incomplete or incorrect details. You acknowledge that you will provide clarity if we contact you for this reason.
21. LIABILITY
21.1 You acknowledge and agree that the Current Year ISA subscriptions will count towards your annual ISA limit whether or not these funds are loaned to Borrowers.
21.2 You acknowledge that the Risk Statement provided in the Lender Terms and Conditions is also applicable to the loans you make through your MoneyThing IFISA and that your Capital and Interest is at risk and you may not get back all that you lend.
22. AMENDMENTS TO THESE ISA TERMS AND CONDITIONS
22.1 We can make changes to these ISA Terms from time to time and we will take reasonable steps to bring any material changes to your attention. If you do not agree to these ISA Terms or to any changes made to them, you must not use the MoneyThing IFISA.
22.2 It is your responsibility to comply with these ISA Terms and our Lender Terms. You agree to reimburse us for any reasonable costs and charges incurred by us as a result of your non-compliance with or breach of these ISA Terms.
Appendix
Fees and Charges Schedule
| Service | Fee |
| Opening an IFISA Account | £0 |
| Closing and IFISA Account | £0 |
| Transfer In Charge | £0 |
| Transfer Out Charge | £50 |
| Withdrawals | £0 |
| Repairing an IFISA | £50 |
| Voiding an IFISA | £50 |
| Administration of account in event of death | £200 |
| Administration of Bankruptcy |
|