The tax wrapper can now be applied to loans funding projects to restore historic UK sites.
Oaksmore Portfolios AIFM is now offering an Innovative Finance Individual Savings Account (IFISA) tax wrapper for funds pledged to be invested into heritage restoration projects around the UK.
Projects will see the use of funding for the restoration of rundown heritage sites, increasing their profitability by returning them to their original state.
The investment firm says that those who invest in the Oaksmore ISA can expect to receive much higher interest rates than those offered through regular savings accounts or Cash ISAs.
Expected returns for the IFISA will be up to 7.5 per cent per annum over a 60 month term, or 5 per cent over 24 months. Consumers will be offered the choice between a two or five-year property-backed bond, with a minimum investment of £1,000. The firm will also be making ISA transfers available.
Tony Norris, CEO at Oaksmore said: “We are delighted to be able to offer UK consumers the chance to enjoy investing their savings in an ISA account with a difference. Not only does the Oaksmore ISA allow tax-free savings with a very healthy interest of 7.5%, but it also allows investors to pledge their hard-earned savings to a cause in which they have a genuine interest.
“With new developments being erected at a vast rate across UK towns and cities, the investments made into the Oaksmore ISA are utilised to maintain British history by bringing back to life much-loved heritage sites across the UK, which have fallen into disuse or disrepair.”