23rd October 2007
Northern Rock savers to be allowed to restore lost ISA tax advantages
Local Labour MP, Des Browne has welcomed the Government’s announcement that Northern Rock customers who during the recent financial market disruption withdrew cash from Individual Savings Accounts (ISAs) held at Northern Rock – will be able to re-deposit that money into a cash ISA with Northern Rock or any other provider and restore their tax advantages.
Des Browne said:
“I am pleased that those of my constituents, who are Northern Rock ISA savers, will not be penalised by the extraordinary circumstances of September resulting from the financial instability in the market. I am sure that this will be welcomed by those affected.”
The local MP explains that savers wishing to restore their lost cash ISA tax advantage must do so by 5 April 2008. This can be done by returning their funds to a Northern Rock ISA, or alternatively by obtaining from Northern Rock a certificate for the amount of cash ISA savings withdrawn between 13 and 19 September, and present this to a new cash ISA provider when depositing the money.
