Non UK Resident - Can I have an ISA?
shandyf
Posts: 12 Forumite
Hi
I emigrated earlier this year but still work for a UK company paying income tax to the UK every quarter.
I spoke to my bank the other day and they told me I couldn't apply for an ISA because I was no longer UK resident. I argued about my tax position but they wouldn't back down.
Who is correct?
Thanks
Shands
I emigrated earlier this year but still work for a UK company paying income tax to the UK every quarter.
I spoke to my bank the other day and they told me I couldn't apply for an ISA because I was no longer UK resident. I argued about my tax position but they wouldn't back down.
Who is correct?
Thanks
Shands
0
Comments
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Your bank is correct.
You should be able to claim the UK tax you are paying back.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Thanks for your response jonbvm.....
Unfortunately my position is a bit more complicated. I'm a director of a UK limited company but my trading address is abroad. The HMRC have advised that I must make a tax return every year and the tax I pay in my foreign country will be offset against the tax I pay to the UK.
So, by all accounts, I am still seen as a UK resident for all except my NI contributions.
Would this change your view?
Thanks again!0 -
Thanks for your response jonbvm.....
Unfortunately my position is a bit more complicated. I'm a director of a UK limited company but my trading address is abroad. The HMRC have advised that I must make a tax return every year and the tax I pay in my foreign country will be offset against the tax I pay to the UK.
So, by all accounts, I am still seen as a UK resident for all except my NI contributions.
Would this change your view?Moving abroad You can only subscribe to an ISA if you are resident and ordinarily resident in the UK for tax purposes. Overseas residents are not eligible to apply for an ISA. If you are unsure about this, call our Centre for Non-Residents on- 0845 070 0040 (UK) or
- 44 151 210 2222 (from abroad).
0 -
I'm a director of a UK limited company but my trading address is abroad. The HMRC have advised that I must make a tax return every year and the tax I pay in my foreign country will be offset against the tax I pay to the UK. So, by all accounts, I am still seen as a UK resident for all except my NI contributions.
I'm not sure if you've figured it yet, but even if you could get into an ISA, you'd come a cropper figuring out what local tax you have to pay on the income and gains within the (UK) ISA. USA clients in the UK often hit this problem.
But you can get into a pension. And that will probably work in your local tax jurisdiction, too. More details are at http://www.fee-only.net/sample/samplepage.asp?article=1251
We had a client working in Belgium and also earning money from a UK company, for UK duties (as opposed to duties in other countries - which you can arrange to be not taxed in the UK).0
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