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Northern Rock Savers To Be Allowed To Restore Lost ISA Tax Advantages

by Jason Gorringe, Tax-News.com, London

22 October 2007


Economic Secretary to the UK Treasury, Kitty Ussher, has announced that the Government will allow people who during the recent financial market disruption withdrew cash from Individual Savings Accounts (ISAs) held at Northern Rock - and in the process lost their tax advantages - to re-deposit that money into a cash ISA with Northern Rock or any other provider, restoring their tax advantages.

Ms. Ussher explained that: "To ensure that Northern Rock ISA savers are not penalised by the financial instability in the market. I can announce today that in these exceptional circumstances, the Government will allow the people affected to re-invest their money into any cash ISA, including Northern Rock's, and thereby restore their tax advantages."

Savers wishing to restore their lost cash ISA tax advantage must by 5 April 2008 either: a) return their funds to a Northern Rock ISA, or b) obtain from Northern Rock a certificate for the amount of cash ISA savings withdrawn between 13 and 19 September, and present this to a new cash ISA provider when depositing the money.

This announcement applies to funds withdrawn from Northern Rock ISAs between Thursday 13 September and Wednesday 19 September inclusive.


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