Non-Resident

Milly12

My wife and I are now resident in Spain, can I legally open a new ISA account in the UK? We still have property there which we rent out and pay tax on, I also receive a Pension after taking early retirement. Thanks, Paul.

gozomark

If you are legally non-resident in the UK, you can't put money into an ISA. However, you can continue to maintain your existing ones.

Milly12

You say I can maintain any existing ISA's, does that mean I can add to them? Many thanks Paul.

Reaper

No, you can not add any new money to them until you return (if you do). Unless you are a diplomat!

Q. What happens if I go abroad?
A. You can only open an ISA if you are resident and ordinarily resident in the UK for tax purposes (ask your Inland Revenue 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).

Source: http://www.hmrc.gov.uk/ISA/faqs.htm#14