Savings advice for saving from abroad

A1TERRIER_2

hi there...

i am moving to Dubai in a few weeks to go and work out there to try clear my debts and get some money together for a house deposit. My salary will be sustantially better than it is in the uk but not sure what to do with it? where to put it to gain the most interest, looked at ISAs but you can only put max £3600 in them? can you have more than one ISA? what are my other options??

Any help would be much appreciated. Thanks.

Baldur

A1TERRIER wrote: »

looked at ISAs but you can only put max £3600 in them? can you have more than one ISA?

You can only open & fund one Cash ISA per tax year. Your situation is complicated by the fact that you are moving to Dubai - see http://www.hmrc.gov.uk/leaflets/isa-factsheet.htm

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).

If you cease to be a UK resident while you already have an ISA open, you will no longer be able to put money into it. However, you will still be able to keep your ISA open and you will still be entitled to the tax benefits on investments held in the ISA. If you then return to be UK resident and ordinarily resident, you can start putting money in again

Reaper

If you are not resident for UK tax for a while then many in your position put their savings with offshore accounts such as on the Isle of Man.

But.. and this is a big but... you will not then be protected by the UK compensation scheme if the bank folds. You will be protected by the local scheme, if any, instead.

Bromley86

And that's going to be backed up paying out for Icesave/Kaupthing for the forseeable future.

You don't have to put it into the UK, but do choose a country that will likely be able to back it's guarantee (i.e. high GDP and a decent population base to tax).