Savers wishing to restore their lost cash ISA tax advantage must by April 5, 2008 either return their funds to a Northern Rock individual savings accounts (ISA), or obtain from Northern Rock a certificate for the amount of cash ISA savings withdrawn between and September 13 and September 19, 2007, and present this to a new cash ISA provider when depositing the money.
This announcement applies to funds withdrawn from Northern Rock ISAs between September 13 and September 19, 2007 inclusive.
Mr Ussher said: To ensure that Northern Rock ISA savers are not penalized 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.
