TaxPersonal TaxTax relief for Rock savers

Tax relief for Rock savers

Tax lifeline offered to savers who pulled money out of Northern Rock ISAs during the crisis in September

Savers who pulled money out of
Northern Rock ISAs
during the run on the Newcastle bank in September have been thrown a tax
lifeline by economic secretary Kitty Ussher.

Ordinarily savers who withdraw money from ISAs lose the exemption on any
income or capital gains from the account, but the Treasury has decided to make
special allowances to those affected by the Northern Rock liquidity crisis.

‘The government will allow the people affected to re-invest their money into
any cash ISA, including Northern Rock’s,’ Ussher said.

Savers who pulled their money out of Northern Rock ISAs will have until 5
April to either reinvest their funds with Northern Rock, or obtain a certificate
from the troubled bank and present this to the bank they wish to open an ISA
with.

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