Deadline?

MORPH3US

Can anyone confirm when the deadline is for paying into my ISA for this year? I mean be exact time as well as date...

I paid some into my NS&I Isa on 2/4/08 with my Visa debit card. It is showing in my ISA, but the funds still haven't left my current account (although have been "ring-fenced"). I would assume that if they haven't already left my current account now, they wouldn't until Monday.....

I am worried that if the funds don't go in before the deadline then they will come from next years allowance, not this years!

M

dunstonh

Can anyone confirm when the deadline is for paying into my ISA for this year? I mean be exact time as well as date...

Midnight on saturday for most providers. Although most have a cut off before then. The ones I am using mostly are 11:30pm on Saturday.

I would assume that if they haven't already left my current account now, they wouldn't until Monday.....

Probably the case.

I am worried that if the funds don't go in before the deadline then they will come from next years allowance, not this years!

If you submitted it online and have the purchase confirmation which is dated then you are fine. Its the date they deal with the transaction that matters. Not the date it comes off your account.

SavvyFan

Pretty sure it's midnight on the 5th April. I know this is the case for Barclays, and I think it is the same for all ISA providers.

jamesd

It's midnight and Hargreaves Lansdown is one provider that will accept new signups even a few minutes before then.

You don't need to be concerned that the money has not left your account by midnight, per paragraph 6.9 of the Guidance Notes for PEP and ISA Managers:

"The date of subscription is

• by cheque – the date on which the cheque is received and accepted by the ISA manager
• by direct debit – the date on which the ISA manager is authorised to draw on the direct debit, provided that the cash transfer takes place in due course. If that date is earlier than the date on which the direct debit mandate is received and accepted by the ISA manager the date of subscription is the later date (but see paragraph 6.10)
• by debit card, charge card or credit card – the date on which authorisation is given by the investor, and
• by telegraphic transfer and standing order – the date on which the subscribed funds are received by the ISA manager."

Other sections make it clear that if the cheque or other transfer fails for any reason, the money is not counted.