lots of problems please help

ac24

Hi
where do i start?..

My mum recently wanted to buy a house overseas. the money for this was to be sent to an icici account. we sent a few thousand from each savings accounts (isa accounts).

the cheques were sent to her icici account and took 3 days to clear, they were paid to icici today.

right... unfortunately there were a few problems and we couldnt buy the property.

So when we sent the money to icici account a few days ago we ended up closing about 3 ISA accounts, one which had about 20k, and today the cheques could not be pulled back. So now as the new tax year starts tomorow the money will be in my mums icici account (approx over 50k).

Im going to be applying for a student loan for uni (sep 2006), if she has this much money (which probably doesnt count as savings and has to be taxed cos its not in ISA) how will she be taxed? and this money cant go back into isa, cos theyre closed and now only 3k can go into each 1.

So what happens? will my student loan come through? What happens with tax?

im a bit confused on this whole matter and hope that some one can clear this up.

thanks for reading

cattie

ac24 wrote:

Hi

Im going to be applying for a student loan for uni (sep 2006), if she has this much money (which probably doesnt count as savings and has to be taxed cos its not in ISA) how will she be taxed?

Whether it's in an ISA or not it will still be classed as savings. All the ISA does is give a tax free status.

ac24

ok so the money which is now in the icici account is not tax free. So will this affect me when i apply for a student loan?