ICE SAVE ISA - Transfer Certificate Not Needed...?

AHOLLA

Hi,

I received my certificate from the FSCS with regards to my Ice SAve account, so I popped down to Natwest to transfer my money, which is now being stored in another current account.

When I asked about the certificate and the Tax free status etc... he said it was all tracked with my National Insurace number and so I could just transfer the cash into my new Natwest ISA and the tax amouts will be sorted automatically due to it being recorded with my N.I. Number.

I hope that made sense, I was just hoping that someone could confirm that for me as I'm about to transfer 2 years worth of saving from my current account and dont want it to act as 1 year and then be taxed on the 2nd year.

Thanks!

KingL

HM Revenue & Customs guidance to ISA providers is that they should get the certificate from you and retain it (or a copy of it).
http://www.hmrc.gov.uk/ISA/bulletin6-2008.htm

I'd get it in writing from the bank if they are telling you differently (if you want to protect yourself and avoid a headache in the future).

ScarletBea

I transferred mine into Natwest today and had to give them my certificate, along with the transfer form, so I'm not sure about that...

Cobertizo

Sounds a bit like one of those scenarios where the guy in the branch doesn't know how Icesave transfers should be treated. In fact, doesn't sound like he's treating it like an ISA transfer at all - just a BACS (or equivalent) transfer. I'd go back in offering your certificate, and talk to the manager if necessary...

surfcat

Cobertizo wrote: »

Sounds a bit like one of those scenarios where the guy in the branch doesn't know how Icesave transfers should be treated. In fact, doesn't sound like he's treating it like an ISA transfer at all - just a BACS (or equivalent) transfer. I'd go back in offering your certificate, and talk to the manager if necessary...

When I went to Alliance and Leicester to get my new ISA, the guy there hadn't even heard of Icesave...

riad_2

I just transferred to Natwest and gave them my certificate and all went smoothly. In order to avoid any potential branch headaches, I sent mine directly to the Natwest ISA Centre.

All you have to do is send a personal cheque (made out to Natwest/[re Name/Account No]), your ISA certificate and a a note of ur existing Natwest Cash ISA account number (so they know where to transfer the funds to)... to:

Natwest
Central Tax Unit
1 Hardman Boulevard
Manchester
M3 3AQ

AHOLLA

Thanks for your advice, I think i will pop into another branch and speak to the manager there. Hopefully they will know more.

Thanks!