Barclays isa 2012/13 lost?

Betty40

Moved 5.5k into an existing Barclays Tax Haven ISA online on evening of 5/4/13 whilst watching Martins reminder to use it or lose it! Received statement today to find that they had dated the transaction 8/4/13 and after checking online have moved my money back to ordinary savings! After talking to CS they have apparently sent me a form I need to return, then they will put the money back in (no mention of this when I made the transfer) However because the transaction is dated as 8/4/13 this will now count as current tax year. So 2012/13 is apparently lost? Can't believe I'm the only person affected by this?!

grizzly1911

Betty40 wrote: »

Moved 5.5k into an existing Barclays Tax Haven ISA online on evening of 5/4/13 whilst watching Martins reminder to use it or lose it! Received statement today to find that they had dated the transaction 8/4/13 and after checking online have moved my money back to ordinary savings! After talking to CS they have apparently sent me a form I need to return, then they will put the money back in (no mention of this when I made the transfer) However because the transaction is dated as 8/4/13 this will now count as current tax year. So 2012/13 is apparently lost? Can't believe I'm the only person affected by this?!

Have just been sorting out a similar issue with them.

We had an ISA with them for several years. We opened a fresh one each year to get the headline rate as the old one expired. As we weren't adding extra money we just opened it on line and transferred the money ourself. We did the last one on the 5/4/12 but the money didn't appear on our statement until the following week.

Didn't think anything of it until we transferred to another provider this year (last year now). We completed the transfer for an "in year ISA" as we saw the money go in on the in the year. They rejected it saying it was a prior year ISA as opened on the 5/4/12. Have subsequently transferred it but their statements are far from clear.

bigadaj

Betty40 wrote: »

Moved 5.5k into an existing Barclays Tax Haven ISA online on evening of 5/4/13 whilst watching Martins reminder to use it or lose it! Received statement today to find that they had dated the transaction 8/4/13 and after checking online have moved my money back to ordinary savings! After talking to CS they have apparently sent me a form I need to return, then they will put the money back in (no mention of this when I made the transfer) However because the transaction is dated as 8/4/13 this will now count as current tax year. So 2012/13 is apparently lost? Can't believe I'm the only person affected by this?!

Simple answer is dont leave it until the last day.

Even if you transfer by faster payment there's no guarantee it will go through on the same day, end of the next working day is all they will guarantee.

Gromitt

Some companies are more willing though. I filled my S&S ISA on the 5th April @ 23:30. They took the money on the 9th April and added it to the S&S account on that day. Still says it was allocated to 12/13 and that I have the full allowance for this year. Checking the details, it says "Amount invested in this tax year: £0". So they can do it if they want.

jimjames

Gromitt wrote: »

Some companies are more willing though. I filled my S&S ISA on the 5th April @ 23:30. They took the money on the 9th April and added it to the S&S account on that day. Still says it was allocated to 12/13 and that I have the full allowance for this year. Checking the details, it says "Amount invested in this tax year: £0". So they can do it if they want.

A S&S ISA may be slightly different, presumably you funded that with a debit card? Can you do that with a cash ISA, I'd assumed you could only fund it with a bank transfer or deposit over counter?

droopsnoot

It depends on the bank. I remember looking at topping up my Nationwide S&S ISA (which ended in failure due to a problem with the card authentication) and the Nationwide login page defined the time up to which new money would be accepted into the then-current tax year, either on line or over the counter. So if by "evening" you were outside of that time, then you've missed the boat. I didn't look in Barclays, I must admit.