Icesave and the self employed.

shindigger

OK.
As i understand it, if you are able to write against your tax bill if a loss is made on certain investments.
How might this play out for any potential losses with Icesave deposits?

Could Martin shed any light on this?
I have £69k in a fixed rate bond due to mature on 22nd Dec.
Today is a bad day.
For the record i believe Gordon Browns paws are all over this compensation limit being raised on the Tuesday.
He's cut me loose.

gaz77

It's in the government's interests for me to get money back from Icesave - otherwise I won't have money to pay my tax bill...

polybear

I'm no expert, but firstly I'd guess that you'd need to be able to prove to the taxman that it's a business account before having a chance of writing off the loss against your tax bill

I hate to say it (I also have money in Icesave, but below the compensation threshold fortunately) but I think you may stand to lose £19K:mad:

Hope it works out for you - good luck

polybear

shindigger

polybear wrote: »

I'm no expert, but firstly I'd guess that you'd need to be able to prove to the taxman that it's a business account before having a chance of writing off the loss against your tax bill

I hate to say it (I also have money in Icesave, but below the compensation threshold fortunately) but I think you may stand to lose £19K:mad:

Hope it works out for you - good luck

polybear

Thanks.
I think its entirely possible that due to Mr Browns machinations over the timing of the raised limit, i may lose more than that.
I dont think theres a stone fit for him to crawl under.
He knew this was going down.

Reaper

The FSCS scheme only triggers when the bank is declared insolvent, which Icesave has not been. So I feel pretty confident the £50,000 limit applies, not £35,000.

polybear

According to BBC Business:

http://news.bbc.co.uk/1/hi/business/7656387.stm

- it looks like the £50K limit will apply. A few hours earlier and it would've been £35K......

polybear

Reaper

Also according to Martin's updated article:

We’ve contacted both its UK press offices for more info and, after them initally being in the dark, have been told that bank is still operational, and no compensation arrangements have yet been triggered, meaning that if they are UK savers will be covered by the new £50,000 limit.