Savings for Non-Resident

Austen

Hi,

I'm now non resident as I have been living in Sweden for about 8 years.
I now have no salary in England any more and pay tax here in Sweden.

I do however have some money left in England which at the moment is bundled together into one current account earning practically no interest.

Is there a good account/ISA etc that I could transfer this money to so that it actually earns me something?

It could be placed there for a few years as I don't spend from that account any more.
I was looking at a couple of banks on-line but you had to be English resident.

many thanks,

Austen.

Baldur

Non residents cannot subscribe to an ISA - see Moving Abroad.

barak

Austen wrote: »

I'm now non resident as I have been living in Sweden for about 8 years.....
I do however have some money left in England which at the moment is bundled together into one current account earning practically no interest....
Is there a good account/ISA etc that I could transfer this money to so that it actually earns me something?
I was looking at a couple of banks on-line but you had to be English resident.
Austen.

You could currently get 6.40% instant or 6.55% 7days notice from Anglo-Irish Bank IOM and it's now 100% protected by the Irish Government.

http://www.angloirishbank.co.im/Personal_Savings/index.htm

Jonbvn

barak wrote: »

You could currently get 6.40% instant or 6.55% 7days notice from Anglo-Irish Bank IOM and it's now 100% protected by the Irish Government.

http://www.angloirishbank.co.im/Personal_Savings/index.htm

Remember that as an EU resident you will still be liable for withholding tax on interest which is shortly due to increase to 35%. Alternatively, you can ask the offshore bank to declare the interest to your local tax authority.

As noted above, you cannot open an ISA.

ChloeRadshaw

Jonbvn wrote: »

Remember that as an EU resident you will still be liable for withholding tax on interest which is shortly due to increase to 35%. Alternatively, you can ask the offshore bank to declare the interest to your local tax authority.

As noted above, you cannot open an ISA.

Have you got a link to that 35% figure please?

barak

ChloeRadshaw wrote: »

Have you got a link to that 35% figure please?

If you search for "EU Savings Tax Directive" you will find many references to it.

The NS&I site refers to the operation of the EU Savings Tax Directive as follows -

How much tax is withheld?
Under the Directive, 15% will be withheld during the first three years from the start of the scheme in 2005, 20% during the next 3 years, and 35% after that.

Austen

Thanks for the advice, much appreciated!

ChloeRadshaw

barak wrote: »

If you search for "EU Savings Tax Directive" you will find many references to it.

The NS&I site refers to the operation of the EU Savings Tax Directive as follows -

How much tax is withheld?
Under the Directive, 15% will be withheld during the first three years from the start of the scheme in 2005, 20% during the next 3 years, and 35% after that.

Not convinced

See here

The rate of withholding tax will be 15% from July 2005, 20% from 1st July 2008, and 35% from July 2011