Investing in ISA while in OZ

bingobob777

Hi,

I'm moving to Brisbane for 4 years next month and selling the house. I believe you can only open an ISA while a UK resident, assuming that's correct can I open a S&S ISA for me, my wife and my 2 kids and invest the full £10,200 before going and then drip feed into the 4 of them by transferring money from Oz into UK bank account?

Do the ISA company regularly send you mail? Would there be any problem in changing my address to my Australian one once the ISA's have been opened a few months?

Aegis

The rules are about contributions. If you aren't resident/ordinarily in the UK, you aren't legally allowed to contribute to an ISA. As such, you'll be able to put money in before you go, but not once you become non-resident.

You may also be taxed on the contents of the ISA by the Australian government.

Loughton_Monkey

You will have full limits available to invest in ISA's this tax year - ending 5th April.

You can leave them there in their tax free status. After 6th April, you will not be resident in UK for tax purposes, and hence are banned from contributing any more. If you came home, say, March 2015, you would be able to bung in another full year allowance prior to the 5th April that year.

I lived abroad for 6 years and had no trouble changing my address with financial institutions.

bingobob777

Loughton_Monkey wrote: »

You will have full limits available to invest in ISA's this tax year - ending 5th April.

You can leave them there in their tax free status. After 6th April, you will not be resident in UK for tax purposes, and hence are banned from contributing any more. If you came home, say, March 2015, you would be able to bung in another full year allowance prior to the 5th April that year.

I lived abroad for 6 years and had no trouble changing my address with financial institutions.

thnaks for that. Can you open ISA's for under 18's?

Just need to open funds with the rest, doubt I'll make the CGT limit anyway.

Aegis

Bear this page in mind when planning all this. It is very unlikely that Australia will allow your ISAs to remain tax free:

http://www.ato.gov.au/individuals/content.asp?doc=/content/64494.htm&pc=001/002/012/014/006&mnu=43658&mfp=001/002&st=&cy=1

bingobob777

Aegis wrote: »

Bear this page in mind when planning all this. It is very unlikely that Australia will allow your ISAs to remain tax free:

http://www.ato.gov.au/individuals/content.asp?doc=/content/64494.htm&pc=001/002/012/014/006&mnu=43658&mfp=001/002&st=&cy=1

I believe that as I'm going on a 4 year 457 Visa I'm exempt from tax on foreign income.

cloud_dog

bingobob777 wrote: »

Can you open ISA's for under 18's?

Minimum age 16.

Aegis

bingobob777 wrote: »

I believe that as I'm going on a 4 year 457 Visa I'm exempt from tax on foreign income.

That's a pretty good deal!