Icesave section 975 certificate

I have already asked the FSCS who will be issuing the 975 certificate, giving the statement of ineterst and tax.

Their reply was that they weren't involved into anything to do with tax and I should talk to the Inland Revenue. Yea right!

I pointed out that their reply to my question was unsatisfactory and would they please try again. No response.

Try asking the FSCS yourself. you can ask questions on their web site.

Hi Reece, Prior to the web site closing the FSCS issued an email asking you to log on to the Icesave web site, confirm the account details and sums listed then complete the online claim. You then printed the bank a/c details. Subsequently the sum was credited to your nominated bank inc interest due. Is that not sufficient or am I missing something ?

Gio

Yes, but how does that apply to those of us who have stayed in with the fixed rates at fixed terms?... interest is accrued but how much?, and wheres the proof for a website no longer functional? This happened once with me with Icici... they fxcked up the certificate of tax deducted and I worked it out from the interest credited on my online statement.

The fixed rates with fixed terms are easy. You know the amount you initially depositied. You know the amount when Icesave closed (so you know the amount of interest for this tax year) and you'll know the final amount when it is paid so you'll know the interest for the tax year the total is paid.

It's the instant access accounts where there has been money going in and out that area problem.

I cleared out nearly all the money in my instant access acount about a month before the bank when under (luck, not foresight) and I never thought to write down what interest had been accrued. And as I've no idea how much was in the account at the start of the tax year either I can't even work it out from deposits and withdrawals on my bank statements.

In my case I'm talking about less than 1% of my total tax bill so I shall just make a random guess and put a note on my tax return and I hope that that will be accepted. For others it could be much more difficult, especially if they withdrew significant sums early in the tax year and will have to explain why their declared interest is much lower this year than last.

Tim.

Sadly not. This was an instant access account which was paying interest on a monthly basis. I had paid money in and withdrawn money during the several months before Icesave went kaput, so it's very difficult to track down.

Will just have to wait and see what happens, I guess.

Cheers

Reece

Thanks for this. I will give it a go and see what happens!

Reece

I've managed to sort mine out now. Last years statement has the balance on 5th April 2008.

Trawling through my bank statements for every transfer in and out and I've managed to work out that, not counting interest, there was 401 pounds in the account. Subtract that from the FSCS compensation and that gives me the interest.

When I did the calculation I thought the interest had to be wrong but further investigation shows that I had no interest credited in 2006/07 so presumably early on in the year there was a credit for last years interest.

Hopefully this might work for others too. I'd forgotten/didn't realize that there was an (annual) paper statement and not just a statement of interest which gives you the account balance at the start of the tax year.

Tim.