Will we see our Icesave cash before Christmas

EagerLearner

Really hope some sort of official news happens soon, just for reassurance of a timescale and that some process has been agreed on.

hyposmurf

saxmund wrote: »

AB31, to me, it just sounds like they haven't finalised the details yet. On ISAs, if this is true, it looks like they will send us the money, together with some sort of certificate allowing us to pay the whole balance into a new ISA and confirming if there's any of this year's ISA allowance left.

So if we had set up an ISA with Icesave we could effectively set another ISA up with another bank?That way Im not sitting in limbo loosing interest.Or is it best to wait until or funds can be transfered to another bank?

renard_2

Meadows wrote: »

So how long are we expected to just sit and wait for the powers that be to get their act together and help us!!!!

Come on, guys, I think some of us are being a bit unfair and overly optimistic in expecting swift results.

This is an unprecedented situation with enormous risk of further c**k-up if it isn't handled properly. Then we would be the first to complain!

Surely no reasonable person could expect the joint UK / Iceland team working on the compensation arrangements to come up with an instant solution.

I know some of us are in desperate need of the cash (me included), but we have no option but to be patient and trust that Them Over There are working hard on our behalf.

Incidentally, it seems from AB31's post above that I DID hear correctly on Sunday's Money Box: despite previous rumours, it appears that interest will be payable only until the date the bank crashed. :mad:

Gambit

EagerLearner wrote: »

Really hope some sort of official news happens soon, just for reassurance of a timescale and that some process has been agreed on.

I agree... just wish they would finalise the details and start the ball rolling. The longer we wait to start the compensation the process, the longer it will take to get our money back!

hyposmurf wrote: »

So if we had set up an ISA with Icesave we could effectively set another ISA up with another bank?That way Im not sitting in limbo loosing interest.Or is it best to wait until or funds can be transfered to another bank?

It seems that we will be able to put the money back into an ISA and I think its likely that some sort of certificate will be sent to us as saxmund suggested. Thing is that we wont be able to set up that ISA until we get that certificate which will probably only come with the money. So looks like we'll just have to wait for that too...

AB31

Gambit wrote: »

It seems that we will be able to put the money back into an ISA and I think its likely that some sort of certificate will be sent to us as saxmund suggested. Thing is that we wont be able to set up that ISA until we get that certificate which will probably only come with the money. So looks like we'll just have to wait for that too...

That is my understanding. Like other forms of saving in Icesave, I would expect that the whole amount of an ISA will eventually be transferred back to the nominated account (in my case HSBC), and we'll receive (hopefully) a simultaneous letter from the Treasury or FSCS stating that this amount is to be treated as tax-free for the purpose of re-investing in another ISA if the customer so chooses.

I've already had a look round the cash e-ISA market for a new home, and have decided upon one today where I completed an online application. I will be posting to them a completed "transfer form", as required under their normal procedures, but I doubt that this will actually be needed in the special circumstances applying here. I'm hoping that all I will need to do is show them the tax free authorisation letter, assuming that this is what eventually transpires.

I'm not expecting to receive any interest on the Icesave ISA after 7 October, even though I consider this to be inconsistent with the promise that private savers won't lose out. I don't mind this problem too much provided I get the money soon into a new ISA account.

Gambit

AB31 wrote: »

I've already had a look round the cash e-ISA market for a new home, and have decided upon one today where I completed an online application. I will be posting to them a completed "transfer form", as required under their normal procedures, but I doubt that this will actually be needed in the special circumstances applying here. I'm hoping that all I will need to do is show them the tax free authorisation letter, assuming that this is what eventually transpires.

So you have already opened an new ISA account then? Can I ask which one you went for AB31?

I too have been looking around but figured I would wait as things are changing so quickly at the moment, I figured that there was no point looking now as the ISA offer I find could have been gone by the time I get the money back. Also I wasnt sure if this would be seen as 'new money' or as an old ISA. As we will probably be getting the money straight back into our accounts therefore it really wouldnt be an ISA transfer would it?

ruefullyaware

It's worrying that some are suggesting our money will not be returned before Christmas.

I have a hefty CGT bill to pay by 31 Jan 09. I understand that HMRC can make special allowances for major incidents affecting certain taxpayers. I have been trying to speak to a technical adviser at HMRC and will let you know if I get any help.

The value and usefulness of the compensation is substantially eroded if it takes an age to process. I am worried that I will have to pay interest and fines to the taxman as a result of all this delay.

If anyone else has a looming tax deadline now prejudiced by the Icesave debacle I would like to hear their ideas. Has HMRC given any comfort?

nmsan5

I'm confused. Landsbanki has been nationalised and is merrily trading in Iceland (http://www.landsbanki.is/) and the UK branch seems unaffected (http://www.landsbanki.co.uk/). So presumably it isn't insolvent. Therefore I don't understand the legal basis for Icesave depositors' funds being 'frozen' or indeed what 'frozen' means in law.

angiek

Thats very kind of them!
And remember what all well brought up children say about Christmas presents -it doesn't matter how much was spent -its the thought that counts!
:T

EagerLearner

ruefullyaware I am also interested to know whether HMRC will show any leniency for those of us who have all our tax money saved with IceSave, must be such a small % of the overall number of people who need to pay their bill by the end of January 09. However, I fully suspect they will not!