Working Abroad & ISAs
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Casciana
Posts: 61 Forumite
Can anyone tell me why you need to live in the UK to open an ISA? If you are a British Citizen working abroad can you still have an ISA (as tax free anyway)?
I know someone who opened an ISA last year and who has since gone abroad to do some voluntary work. Their ISA is due to mature soon, and the rate will drop drastically, are they able to move it to a different provider, or can they upgrade it with the same provider, online? All applications fo rISAs seem to state 'live in the UK'?
Can anyone put me straight as to what they will and will not be able to do?
I know someone who opened an ISA last year and who has since gone abroad to do some voluntary work. Their ISA is due to mature soon, and the rate will drop drastically, are they able to move it to a different provider, or can they upgrade it with the same provider, online? All applications fo rISAs seem to state 'live in the UK'?
Can anyone put me straight as to what they will and will not be able to do?
0
Comments
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The law is that you can keep an existing ISA but not make further contributions if you go abroad. The law also allows transfers of existing ISAs whilst you are abroad but no provider is forced to offer you an ISA and many if not all will only allow you to open any account (not only ISAs) if you have a UK address that you can prove is the address you live at.
"Go abroad", "are abroad" above means not being a UK resident for tax purposes. If you are unclear whether you are or not, you can ask HMRC.
Also, if you are working abroad, you are likely to be subject to the tax rules of the country you are working in.0
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