As someone potentially interested in moving an ISA over to IE, I have to say I’m a little concerned to see IE are nearly a month overdue filing their latest set of annual accounts at Companies House.
Whilst I appreciate investments held at IE are fully covered by the FSCS, I was hoping to see some reassuring progress made from the loss making position of the previous two years before committing funds here, so the delay doesn’t exactly fill me with confidence…
Anyone from IE or within the community know if there’s any specific reason for the late filing?
I think (maybe wrong) that it can take up to 30days for fillings to be reflected on CH. They have to be submitted on day x put can be visible to the public after that.
Perhaps delayed due to another round of fund raising ? My guess. They raised £2M in March 2023 and previously in March 2022.
Client number growth and assets under management are far better metrics than profit \ loss for start-ups.
You are missing out on commission free trades if you are not a customer, and whilst they try to make their business model work, you also help push the industry towards lower fees.
Im more worried about Labour capping ISAs or taxing ISA withdrawals than IE’s filings on Companies House.
Hi all, thank you for your query. We are currently finalising the last few queries with our external auditors and hope to sign and submit the company’s annual accounts shortly. Occasionally firms experience administration delays resulting in the late filing of their annual accounts, and it’s nothing for our clients to be concerned about. We’ve had an exceptional start to the year and look forward to sharing more news on this shortly.
Please note that in addition to the FSCS regulations IEUK complies with the FCA’s Client Asset protection rules which provides a great level of protection for the client money and custody assets we hold on your behalf.
I hope this helps answer your query, please feel free to reach out to us if you have any further questions.
Why would Labour cap ISAs at £100,000 or tax withdrawals?
“ Labour hasn’t provided much detail but says that if elected, it will look to” simplify the ISA landscape” to make it as easy as possible for people to feel the benefits of saving and investing their money, including through increased utilisation of stocks and shares ISAs.”
Labour have also indicated a " A full review of ISAs " . Read into that what you like.
The cap does indeed come from the influential “Resolution Foundation” think tank research, published only a couple of weeks ago about ISAs costing the tax man £6bn a year. They suggested cap of £100,000. Labour have already said they wish to target tax avoidance. ISAs are “Tax avoidance”, which is a hint that legal tax avoidance schemes might be looked into. An incoming Labour government 's review may agree with the RF that they are too generous. We dont know Labour’s plans, but I read the press and think there is no smoke without fire.
Hi @patch thanks for replying.
Do you have a link to the recent research? I can only find talk of the January 2023 research that mentioned the £100k cap.
Anyway, there’s no indication that this suggestion would be implemented by Labour or otherwise.
Let’s hope not, anyway! I aim to cross the 100k mark with mine.
And I’m not a rich, tax avoiding millionaire. Efforts in this area should be aimed at those aggressively avoiding tax on their millions, with offshore loopholes etc.!
ISAs are a perfectly legitimate vehicle.
Looking through the filings, it looks like there was a £2M injection of cash from share issue on 14 Feb 24. Hopefully should be enough to give the company enough runway to keep going for a while.
Interestingly the share price is increasing:
£1.92 two years ago,
£2.66 last year and
someone has thought the company good enough value at £3.82 per share this year to spend a load of cash.
I realise that it isn’t ‘open market’ price… but still it is someone’s £2M.
Would be interesting to know if it’s real cash or ethereal cash.
The Resolution Foundation report (link below) was published to coincide with the 20th Anniversary of the ISA in April. I watched Rachel Reeves recent speech and she name dropped the Resolution Foundation twice; it is a think tank they listen to.
I hope they dont fiddle with it, as all my savings go into the ISA. If they cap it , it will mean that it goes into a pension instead !
