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Good news for Icesave customers - but we must fight for our ISA's tax free status

mahar
mahar Posts: 16 Forumite
in Savings & investments
Great news
But lets not get carried away

We still have to keep the pressure up to fight for our Icesave ISA's tax-free status. Martin must take a lead on this!

Icesave customers are about to be effectively forced to withdraw their ISAs - and lets not let Darling strip that money of its tax-free status.

There is precedent - in fact this is a full-blown fairness issue. Northern Rock customers WHO VOLUNTARILY WITHDREW cash from their ISAs were allowed to keep their tax-free status. We are being FORCED to lose our ISAs

We must keep up the pressure as this will cost us £1000s over time in tax that shouldnt be levied in the future against this money
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Comments

  • slowepoke
    slowepoke Posts: 19 Forumite
    The havent said anything yet, lets wait and see. If we dont get it then the money is going into my mortgage
  • mobfant
    mobfant Posts: 293 Forumite
    Part of the Furniture Combo Breaker
    I'd be surprised if they didn't, after all the government doesn't lose any more than they would have in terms of tax, and I can't imagine they'd used our relatively small amounts of tax-free interest to help meet the cost of all the expenditure of today.
  • cwcw
    cwcw Posts: 928 Forumite
    I'm sure the tax free status thing will not be an issue, even for those who tried to withdraw at the last minute. In the scheme of things, it's the least of our worries anyway, and this also applies to the government - in the scheme of a £4.5 billion bailout, I doubt they're going to worry over minor technicalities purely because of the hassle they'd get.
  • LumpyCustard_2
    LumpyCustard_2 Posts: 267 Forumite
    slowepoke wrote: »
    The havent said anything yet, lets wait and see. If we dont get it then the money is going into my mortgage

    Same here - which will be nice as it would leave me with about 4K to pay off.
  • slowepoke
    slowepoke Posts: 19 Forumite
    LumpyCustard wrote: »
    Same here - which will be nice as it would leave me with about 4K to pay off.

    Well currently its the safest place to put your money, bricks and mortar, especialy if you owe!
  • blizeH
    blizeH Posts: 1,401 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hopefully there will be an
  • collingwood21
    collingwood21 Posts: 88 Forumite
    mahar wrote: »
    Great news
    But lets not get carried away

    We still have to keep the pressure up to fight for our Icesave ISA's tax-free status. Martin must take a lead on this!

    Icesave customers are about to be effectively forced to withdraw their ISAs - and lets not let Darling strip that money of its tax-free status.

    There is precedent - in fact this is a full-blown fairness issue. Northern Rock customers WHO VOLUNTARILY WITHDREW cash from their ISAs were allowed to keep their tax-free status. We are being FORCED to lose our ISAs

    We must keep up the pressure as this will cost us £1000s over time in tax that shouldnt be levied in the future against this money

    I hope so too - I don't have a mortage or other debts to pay off with it!
    “Money is not the most important thing in the world. Love is. Fortunately, I love money.”
  • ScarletBea
    ScarletBea Posts: 2,921 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    The important thing is also to log in icesave and print out the main statement. This way we can clearly show what was in the ISA and what was in the other accounts, as we never know what type of records they'll receive: will it be just total per customer? Or details by account?
    Being brave is going after your dreams head on
  • nzseries1
    nzseries1 Posts: 2,240 Forumite
    blizeH wrote: »
    Hopefully there will be an

    Couldn't have put it better myself.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • blizeH
    blizeH Posts: 1,401 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hah sorry, can't even remember what I wrote now, must of got cut off somewhere.

    The Northern Rock ISA is excellent though, hopefully there will be an option for the funds to be transferred into there :D
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