Yes, you can invest tax-free by setting up a UOWN ISA, subject to annual allowances. You can also transfer in existing ISA pots.

Yes. You will be able to complete our online ‘Transfer in Form’ to transfer existing ISAs into a UOWN IFISA. You can find this function on your account under your ISA portfolio. Please note your provider may charge you a fee for transferring out.

Interest paid on a cash ISA is tax free and designed to be suitable for short term savings - less than 5 years. Interest is received on the savings at a fixed or variable rate. A stocks and shares ISA is designed to be a tax-efficient way to invest in shares and securities for five years or more, and when you want to share in the potential growth in stock markets.

The Innovative Finance ISA enables investors, using lending platforms, to receive tax-free interest over a range of time spans. Direct lending is when individuals lend to borrowers, usually through an online platform. Loan terms and lengths may vary depending on the specific provider.

It is your individual responsibility as a lender to ensure you track how much of your annual ISA subscription you have utilised, and how many ISAs you have opened per tax year. If you realise you have overpaid, report it to HM Revenue & Customs. You can do this by calling their ISA helpline on 0300 200 3300. If you do not spot the error, HMRC will make contact with you. HMRC will identify the payment that breached the limit. It will then start the process of "repairing" the ISA.

All investments in the ISA that were made after the limit was breached will no longer be eligible for tax exemption. They will be handed back to the investor. An administration fee will be chargeable if you use more than your annual ISA allowance. If you attempt to make a deposit in your UOWN ISA account, of more than your annual ISA allowance, that entire sum will automatically be transferred to your UOWN standard lender account.