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Government to restore lost Isa tax advantages to Northern Rock savers

The Government is to allow people who withdrew cash from Isas held with Northern Rock to re-deposit this money into a cash Isa with the lender or any other provider.

Economic secretary to the Treasury Kitty Ussher announced the measures today saying the Government wanted to ensure savers are not penalised by the financial instability in the market.

Savers wishing to restore their lost cash Isa tax advantage must return funds to a Northern Rock Isa or obtain from Northern Rock a certificate for the amount of cash Isa savings withdrawn between September 13 and September 19 and present this to a new cash Isa provider before the end of this tax year.

Ussher says: “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.”

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