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S&S ISA Mistakenly invested this tax yr.
lady_puma
Posts: 3 Newbie
My financial advisor was requested to set up a S&S ISA to beat this years deadline (max amount £5100). The deadline was missed and the sums invested on 7 April in the new tax year.
has this happened to anyone else? what advise can anyone give me as to how to deal with this?:mad:
has this happened to anyone else? what advise can anyone give me as to how to deal with this?:mad:
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Comments
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My advice? Don't leave it til so late in the future.0
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There is always a risk when leaving it close to deadline. i have started keeping proof of postage on things like this now.
When did you complete the forms? When were they posted to provider?
Was it a clean application (i.e. cheque written out for the amount) or a bed&ISA transaction (money taken from another investment)?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
it was a clean transaction. When I raised it with the IFA, he said it was a delay in setting up the direct debit that caused slippage into this tax year but if a cheque had been presented, it would not have happened. all forms receipt acknowledged and returned by return of post.0
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Direct debits have a minimum of 10 days written notification required. Then add on another week to set them up to be on the safe side.
Cheques are accepted right up to around 8pm with debit cards right up to midnight.
Who is the provider as not all providers take all methods?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
really appreciate your responses. my IFA admitted it was his fault on the phone; that if a cheque had been presented the ISA would have been okay for last tax yr. what action should I take? I think i have grounds for a formal complaint. what're your thoughts.0
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My advice? Don't leave it til so late in the future.
Seriously, leaving it so late will cause problems especially doing a DD not cheque. What issue/loss has it caused for you not investing last year? If you invested £5100 you can still invest the same again this year, do it now and you'll get 12 months worth of tax free saving.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Look on the bright side, you can now start investing at the *start* of each tax year, which avoids the end of year rush.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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