ISA Saving in Jersey

simmey

Can anyone help?

My sister lives in Jersey Channel Islands and is wondering if she can have an ISA there, she hasn't heared of it before, does anyone know?

noh

simmey wrote: »

Can anyone help?

My sister lives in Jersey Channel Islands and is wondering if she can have an ISA there, she hasn't heared of it before, does anyone know?

You can only subscribe to an ISA if you are resident and ordinarily resident in the UK for tax purposes.

Your sister lives in Jersey she is not a resident of the UK so she is not entitled to subscribe to an ISA.

As far as i can see no equivalent of an ISA exists in Jersey.

simmey

Thanks for the reply, I wonder what would be best for her savings then?

Baldur

simmey wrote: »

I wonder what would be best for her savings then, she has about £20,000 to invest.

She could check out the usual comparison sites to see what suits her:

http://www.moneyfacts.co.uk/money/savings/0/savings-accounts-finder.aspx

http://www.moneysupermarket.com/savings/

http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

isofa

Jersey is a British Crown Dependency, and general "UK" definitions include the CI, but the essentially it's separate (does that make sense?!). Laws, democracy and taxes differ to Britain and so on.

I'm sure there are many better savings offers and rates in Jersey direct anyway, many people want to invest there due to the island's status, so if she is a resident (I wish I was, it's a beautiful island!), she should take advantage and not worry about comparable British products.

Info from HBOS Website:

Eligibility for a Self-Select Stocks & Shares ISAYou must be 18 years of age or over and be resident in the UK, Jersey, Guernsey or the Isle of Man, or if not resident, is performing duties as a crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat) or is married to, or in a civil partnership with, such a person. You must inform us if you cease to be resident in the UK, Jersey, Guernsey or the Isle of Man. For an ISA you must be resident and ordinarily resident in the UK, not including the Isle of Man or the Channel Islands.

Porcupine

Moneyfacts have an offshore savings search (link above, but make sure you choose the 'offshore' section from the front page). Though you'll have to pick through the results to separate IOM, Guernsey, Jersey.

Maybe she can ask a bank in Jersey if there are any equivalent tax-saving products available? I have to say I haven't seen any. But then Jersey has relatively low taxes anyway.

Grandmama

Residents not allowed UK isa's in the Isle of man either. Though much better rates are available locally. Anyone becoming resident in the Isle of Man has only two months in which to cash in UK isa's and reinvest.

Debt_Free_Chick

The point about an ISA is that it's advantageous to a UK tax payer. If you don't pay UK tax, then a (UK) ISA might not be of any advantage to you.

I think she needs to look at products that are tax-advantageous to Jersey taxpayers, even though there might be no equivalent products for us in the UK.

HTH