CMC Invest, a CMC Market's newly launched stock trading platform, informed on Monday that it had added a new account called Plus Plan. It allows investors to open flexible shares and stocks Individual Savings Accounts (ISAs) along with a currency wallet in US Dollars (USD).
According to the press release, only a small number of providers offer flexible ISAs. In such a form, clients can take money out of their accounts and deposit it again during the same tax year without affecting their ISA allowances.
CMC Invest's new offering is aimed at individual investors who want to invest up to £20,000 in a given year and protect their profits from capital gains tax. The offering seems particularly interesting in light of the dividend allowance and the capital gains tax annual exemption cut from £12,300 to £6,000 in 2023/2024 and £3,000 in 2024/2025.
"We want our customers to feel empowered to make choices that suit their own investment journey. That is why we are excited to be offering these additional features. A flexible stocks & shares ISA isn't typically offered on other investment platforms – we are fortunate with our technology to be able to offer this to clients giving them more flexibility to invest how and when they want," Albert Soleiman, the Head of CMC Invest UK, said.
Those interested in joining Plus Plan must pay a flat custody fee of £10 per month. According to the press release, additional commissions are not charged. In an effort to avoid commissions related to FX conversions, CMC Invest is offering a USD currency wallet, available alongside its main GBP wallet.
CMC's Trading Revenues Went Up 27%
Two weeks ago, CMC Markets published its interim financials for six months, from April to September, reporting a 27 percent yearly increase in its net trading revenue, which came in at £128.4 million. However, the net revenue from investing stream fell by 14 percent to £20.8 million.
The total net operating income was £153.5 million, which grew by 21 percent annually. The financial figures were in line with the company's expectations.
CMC Markets is a publicly-traded company on the London Stock Exchange (LSE), which shares have lost 7 percent since the beginning of the year.
