Am i entitled to an ISA?

Travie

I'm a danish citizen moving to London in september to start a university degree. My question is as follow: will I be allowed to open an ISA? On the internet is say's that I need to be a UK resident age 18 or over. As a European I have a right to live in the UK, so I guess I satisfy these requirements. It also says that I need to have a national insurance number, but that shouldn't be a problem to get - or am I wrong? Any help is much appreciated!

macman

Will you be resident in the UK for tax purposes? That is the required definition.

cashbackproblems

As a EU national you have the right to work in the UK and can register for a NI card which i know from international students they have to get from the local job centre. This means u shud then be eligable for an ISA, but you might not earn above the tax free amount so i dont think u need to pay tax on savings, either way ISA rates arent tht much more than the top paying savings account.

Travie

Macman: I guess I will be a resident in the UK for tax purposes. I'll be there for way more than 183 days each year...

cashbackproblems: Thanks for the advice on the NI card! I'll be buying equity through the ISA, so in the long run I'll be pretty important that it's a tax-free account. And as the yearly allowance on the ISA is pretty low (around 10K) I'd like to start as soon as possible... In the long run a well balanced equity portfolio should vastly out-preform even the best saving accounts (at least that's what I hope will happen...)

luci

The annual allowance on an ISA is £5100 and went up this year.

Aegis

luci wrote: »

The annual allowance on an ISA is £5100 and went up this year.

Not quite. That's the cash element only. You also have a stocks and shares ISA allowance of £10,200, with a total ISA contribution allowance of £10,200 across the two elements.