Proplend’s IFISA initially launched to existing platform Lenders only but is now freely available to new account holders too.
Existing Classic Account Lenders – will see a ‘Create ISA Account’ action box when logging into their Classic Account Dashboard. We’ve already verified your identity so just provide your National Insurance Number and agree to our IFISA Terms and Conditions to get your Proplend ISA up and running.
Existing ISA Account Lenders – will see similar ‘Open Classic Account’ action box on their ISA dashboard. Simply click the link and complete the declaration. Use the downward arrow in the top right hand corner of your dashboard to switch between Classic and ISA accounts when reviewing account transactions and browsing new investments. Please note you will have different Lender IDs for each account and you should use the relevant reference when sending us funds. Classic account references are in the format LENDxxxx, ISA account references are in the format LENDxxxx-ISAxxx
New platform users – will need to take a few minutes to provide us with the information we need to open your ISA account and for our automatic identity verification checks. By the time you have completed our short registration form, your account should be set up and you’ll be prompted to log in to your ISA dashboard for the first time.
If you’re starting your Proplend IFISA with subscriptions, there’s really no reason why you can’t be up and running within 24 hours depending on how quickly you can get the funds across to us. Go to the ‘Banking’ tab and provide us with the details of the bank account (in your name) you’ll be sending us funds from.
When we have these account details you’ll be able to see details of our Client Money account on the ‘Deposit Money’ tab. Your unique ISA Lender reference (format LENDxxxx-ISAxxx) will also be shown here, which you’ll need to include as your payment reference when sending funds. This helps us allocate funds received quickly and correctly.
————————————————–
UK residency requirements and re-applying
You can only open an ISA or subscribe to an ISA in a tax year where you have been UK resident. Residency regulations state that if you were UK resident at any time during a tax year then you should be considered UK resident for the whole of that tax year.
You can therefore open an ISA and subscribe in a tax year that you moved away from the UK and in a tax year that you moved back. As always, you should let your ISA Manager know when you’re changing your primary address (even within the UK), but you should also not be making ISA subscriptions in a year where you have not been UK resident, not even where you expect to be UK resident before the end of the tax year – you may be able to make them for the current year when you’re back.
Existing ISAs don’t have to be closed when moving overseas. You are allowed to make flexible ISA replacement subscriptions during a period of non-UK residency, as well as flexible or permanent withdrawals.
Also, under the rules of continuous application, you will need to re-apply to make new subscriptions to our ISA if you haven’t subscribed during a particular tax year (wherther due to residency or another reason). Just let us know you’d like to re-commence and we’ll let you know what you need to do.
Please note – UK resident also includes those (and their spouses/civil partners) who perform duties as a crown employee serving overseas. For further information visit www.gov.uk.
————————————————–
