HMRC has extended the deadline for Icesave savers who have not yet transferred their cash ISA.
Depositors' money was returned from the online UK subsidiary of failed Icelandic bank Landsbanki with a certificate enabling them to re-invest it without losing its tax-free status, according to the BBC. Icesave collapsed on 7 October last year, with over 300,000 UK customers unable to access a total savings of £5bn. Much of this amount was in Icesave's Isa account which paid 6.1%. The certificate was only valid until 5 April 2009 with some customers yet to receive it. Consequently, HMRC has increased the deadline by six months to 5 October 2009. The change was announced in HMRC's ISA...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes