Help - lost 07-08 ISA allowance

crass

I opened an ISA on the 3rd April with Barclays, intending to pay in £3000 for 07/08 and then pay in a further £3600 after the 5th April.
I have just recieved the paperwork for the ISA from Barclays, and it says my ISA was opened on 21st April and I can only put in another £600 this year!

What can I do to complain about this, as the Barclays person I opened the account with ensured me I could put in another £3600 after the tax year because I was opening it before the 5th.

Please help me out!

oldagetraveller

I'd contact Barclays and explain what happened, what you were told and how are they going to resolve this. Ask if there's a recording of your conversation with the rep. if it was over the 'phone.
If still no joy put it in writing to their complaints department.
Not wishing to offend but why oh why do people leave things like this to the last minute?

AnythingButChardonnay

oldagetraveller wrote: »

I'd contact Barclays and explain what happened, what you were told and how are they going to resolve this. Ask if there's a recording of your conversation with the rep. if it was over the 'phone.
If still no joy put it in writing to their complaints department.
Not wishing to offend but why oh why do people leave things like this to the last minute?

In the hope of there being some good last minute rates?

Or maybe they just assume banks are at least vaguely compentent!

Little_Mama

oldagetraveller wrote: »

Not wishing to offend but why oh why do people leave things like this to the last minute?

Sometimes it's on the advice of their accountant to wait to see where they stand from a tax point of view (marginal higher rate payers) or those who have their own business who draw dividends at the end of March. There are all manner of reasons.

Crass, get in contact with Barclays asap. Natwest did this to me last year. OH and I opened ISAs on the exact same day (their cut-off day for opening them), in the same room with the same advisor! His went through for 2006/07, mine went through for 2007/08.

Apparently there is a timeframe, not a long one, imposed by the Revenue where the mistake can be rectified. I missed this timeframe but Natwest compensated me for loss of interest.

The advisor we had assured us it would be backdated to the datestamp on the application, I don't know if the same goes for Barclays.

Good luck.
LM

jamie304

Little_Mama wrote: »

Sometimes it's on the advice of their accountant to wait to see where they stand from a tax point of view (marginal higher rate payers) or those who have their own business who draw dividends at the end of March. There are all manner of reasons.

Crass, get in contact with Barclays asap. Natwest did this to me last year. OH and I opened ISAs on the exact same day (their cut-off day for opening them), in the same room with the same advisor! His went through for 2006/07, mine went through for 2007/08.

Apparently there is a timeframe, not a long one, imposed by the Revenue where the mistake can be rectified. I missed this timeframe but Natwest compensated me for loss of interest.

The advisor we had assured us it would be backdated to the datestamp on the application, I don't know if the same goes for Barclays.

Good luck.
LM

Out of interest how much did they pay you? 5% interest on £3000 over 30 years is £10,000!

Little_Mama

jamie304 wrote: »

Out of interest how much did they pay you? 5% interest on £3000 over 30 years is £10,000!

If only! :rolleyes:

Only the lost interest had I invested it my 'chosen' ISA for 2007/08.

LM

RayWolfe

That sounds generous. You are entitled only to 20% of that; the lost tax.

Paul_Herring

Little_Mama wrote: »

oldagetraveller wrote: »

Not wishing to offend but why oh why do people leave things like this to the last minute?

Sometimes it's on the advice of their accountant to wait to see where they stand from a tax point of view (marginal higher rate payers)

I find that difficult to beleive - most people, let alone their accountants, should know by Feb/March at the very latest what sort of tax position they'll be in by year-end.

or those who have their own business who draw dividends at the end of March.

Change to end of Feb, or another month?

There are all manner of reasons.

I'd be more inclined to believe that in the vast majority of cases it's "oops I've forgotten to do it - better sort it out in the last week of the tax year" and get held up in the queues of everyone else who fall into this category.