OPENING AN INNOVATIVE FINANCE ISA
If you choose to open an individual savings account, it will be managed by Goji and will be an Innovative Finance ISA (IFISA). As the ISA manager, Goji undertakes to:
treat you as its client;
receive payments in respect of your investments and credit those payments to your IFISA Account; and
exercise, or facilitate the exercise of, your rights in respect of investments held in your IFISA Account if necessary,
and you appoint Goji as your agent to do anything required on your behalf to enable it to fulfill those undertakings.
In normal circumstances, Goji does not charge any fees to you for opening and operating your IFISA Account, however if we do not pay fees due to Goji and you require the continued provision of the ISA management services, you agree to pay Goji’s fees and charges and consent to Goji deducting amounts from your IFISA Account for the purposes of paying such fees.
The management of your IFISA Account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these terms will apply as soon as they come into effect.
You must be (and remain) the sole legal and beneficial owner of any cash and/or investments in your IFISA Account and you must not at any point use any cash and/or investments in your IFISA Account as security for a loan.
We will inform you if your 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 make arrangements to transfer it out of the account.
You may subscribe to an ISA in any tax year (i.e. period starting on 6 April of one year and ending 5 April of the following year) for which you are either resident and ordinarily resident in the United Kingdom; or, although non-resident in the United Kingdom, perform duties of a Crown employee which are treated as being performed in the United Kingdom, or are the spouse or civil partner of such a person.
You must inform us immediately if you are no longer a UK resident or cease to perform duties of a Crown employee which are treated as being performed in the United Kingdom, or cease to be the spouse or civil partner of such a person.
When you open an IFISA Account we will ask you to make a declaration. Making this declaration will allow you to subscribe for an IFISA in the tax year that you make the declaration and for each subsequent tax year, provided you make a subscription to your IFISA every tax year. If you do not make a subscription to your IFISA one year then when you next want to subscribe to your IFISA, you will have to make a new declaration.
You must inform us if any declarations or confirmations you have made about your eligibility to hold an ISA no longer apply.
In accordance with the ISA Regulations, you are not eligible to apply if you have already subscribed to another IFISA in the same tax year, or if you have already subscribed the maximum available allowance to a Cash ISA and/or Stocks and Shares ISA, in the same tax year as you are applying for this IFISA. These restrictions do not apply if you are:
transferring an existing IFISA from another ISA Provider to the IFISA (in circumstances where this is permitted under the ISA Regulations), or
where you have already subscribed the maximum allowance to a cash and/or stocks and shares ISA and this is transferred to this IFISA.
All subscriptions to your IFISA must be in cash. You can transfer cash held in your General Account to your IFISA Account, but you cannot transfer investments which have already been funded.
If funds are subscribed into your IFISA Account which exceed the amount prescribed in the ISA Regulations, then the excess subscription will be transferred to your General Account.
Your IFISA will be flexible as defined in the ISA Regulations. This flexibility means cash which is withdrawn can be replaced, in whole or part, within the same tax year and this will not affect your ISA subscription limit for that year.
If you have any questions, doubts or issues relating to ISAs or your eligibility to hold an ISA, you should consult the HMRC website (https://www.gov.uk/government/organisations/hm-revenue-customs) or contact them directly.
TRANSFERS IN AND OUT OF YOUR IFISA
You may transfer money into your IFISA from an existing ISA with another provider, in cash only. An online transfer-in form will need to be completed and then we will send you a transfer authority form to approve and sign. We can then arrange for the funds to be transferred from your existing ISA provider in accordance with your instructions.
The transfer-in process will begin on the date on the transfer authority form or the date you stipulate for us to begin the transfer process, whichever is later. We will then send your request for the transfer to your existing ISA Provider within 5 business days of receiving your transfer authority form.
You may transfer any cash in your current year’s ISA subscriptions in whole, and/or you can transfer previous years subscriptions in whole or in part (together with interest) to another ISA provider in accordance with the ISA Regulations and these conditions. You will need to contact your other ISA provider to arrange the transfer and you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement it.