Manage money when emigrating

Markythomo wrote: »

In July I am emigrating to New Zealand and right now I am trying to figure out the best way to manage my savings.

I e two ISA's and three current accounts, the plan was to reduce that down to one ISA and one current account, keep them going in the UK as a back up in case for whatever reason I need to return.

Today I spoke with the banks, they informed me that because I am emigrating I will no longer be eligible for an ISA and will have to switch the money over into a savings account.


I have just joined the forum to see if anyone has gone through this before, I imagine it applies to anyone emigrating, not only to New Zealand.

Am I going about things in the correct manner? Is the only option to switch from an ISA to a savings account? Is it worth keeping the money here at all or switching it to NZ.

Any comments on this would be much appreciated.

Kind regards
Mark

Unless you have misunderstood what they said - they are wrong!
see http://www.hmrc.gov.uk/isa/faqs.htm#8

This is bit the relevant to you

Q. What happens if I go abroad?
A. You can only open an ISA if you are resident in the UK for tax purposes (ask your Tax Office if you are in any doubt about this).

Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the government are eligible to open an ISA. Their spouses or civil partners can also open an ISA.

If you start an ISA in the UK and then go abroad, you cannot continue putting money into the ISA (unless you are a Crown employee working overseas or the spouse or civil partner of a Crown employee working overseas). However, you can keep your ISA and you will still get tax relief on investments held in the ISA. When you return, you can start putting money in again (subject to the normal annual limits).

HTH