Santander - 2012 ISA

Archi_Bald

pqrdef wrote: »

However, I don't believe any HMRC rules prevent them from correcting a clerical error.

Agree - there is provision in the HMRC Guidance Notes for ISA Managers how clerical errors by the bank should be handled.

rusty_frog

rb10 wrote: »

Just for clarification, could you confirm what date shows on your current account statement next to the transaction, and what date shows on the ISA statement for the corresponding credit?

3/4/2013 for both.
It wasnt until after the deadline that it was realized that the £5.4k was put into the year 2013/14 rather than 2012/13.
As a result, this tax break is now lost forever.

There have been numerous calls/emails since!

Why did I leave it until this near the cut off date?
I didnt have the spare money available!

Thanks for all your comments and suggestions to date.

dtaylor84

If the credit to the ISA is dated 3/4/2013 I cannot see how they could possibly apply it to this tax year?

I would definitely escalate this to the FOS if they are unwilling to correct their mistake.

rb10

rusty_frog wrote: »

3/4/2013 for both.
It wasnt until after the deadline that it was realized that the £5.4k was put into the year 2013/14 rather than 2012/13.
As a result, this tax break is now lost forever.

There have been numerous calls/emails since!

Why did I leave it until this near the cut off date?
I didnt have the spare money available!

Thanks for all your comments and suggestions to date.

The date of the credit is the only thing that 'allocates' funds to one tax year or another. So if it shows on your statement as 3rd April, then it's in the 2012/13 tax year.

You are still entitled to put in your full 2013/14 allowance into a Santander ISA, or any other ISA.

Steps that I would take are:

1) Accept whatever they are willing to pay you. The only mistake they have made is in giving you wrong information (i.e. that this transfer counts against the current tax year).
2) Get an ISA opened for your 2013/14 allowance. You haven't lost it, it's still there for you to use.

gt94sss2

rusty_frog wrote: »

Am I wasting my time in trying to claim some for of compensation?

No. This happened to me though with my shares ISA (not cash) a few years ago.

I found http://www.financial-ombudsman.org.uk/publications/technical_notes/isa-allowances.htm very helpful in agreeing the level of compensation I eventually agreed (without going to the Ombudsman).

I see they now also have this page which seems relevant.

Regards
Sunil