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Offshore accounts vs Cash ISA

ComputerWhizz
ComputerWhizz Posts: 7 Forumite
in Savings & investments
Hi guys,

I need a bit of advice. I currently have a Jersey Offshore account, live in England and am looking to get a Cash ISA account.

I contacted Lloyds TSB, who I hold the Offshore account with and they say that I have to close it to be eligible for a ISA account. I think they are trying to deceive me as I have to pay tax on the Offshore account, so I think I should be able to open an ISA as well.

Can anyone shed any light on this?

Thanks

Comments

  • KingL
    KingL Posts: 1,713 Forumite
    From HMRC's perspective, you have to be Resident and Ordinarily Resident in the UK to be eligible to open an ISA.

    Perhaps Lloyds TSB are saying that you aren't eligible to hold their offshore account if you are UK resident. That should be set out clear enough in the TnCs.

    As long as you meet the HMRC requirements, then if one ISA provider gets ar5ey about it, just take your ISA money to another provider....
  • ComputerWhizz
    ComputerWhizz Posts: 7 Forumite
    Thanks for the advice KingL! :beer:
    I think using a different bank for my ISA will probably be a good idea.
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There's certainly no rule stating that you can't have an offshore account and a cash ISA. I suspect that someone was speaking about something they didn't quite understand...
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
This discussion has been closed.
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