Cash ISA & Shares ISA and moving abroad

slganapat

What happens to cash ISA and shares ISA when we move abroad and ,if we donot return can we withdraw all the money without having to pay tax?

Carpi09

Interested in answer.

xylophone

http://www.hmrc.gov.uk/isa/faqs.htm#14
"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 Tax 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)."

grey_gym_sock

i believe you can keep existing ISAs but not make any more contributions. and they remain free of UK tax, whether the money is retained or withdrawn.

however, if you become resident in another country and they tax you on your UK income, they are unlikely to recognize ISAs as tax free.

atush

Basically, yes you can get your money back.

but I would consider it better, if you might come back, to load up Isas and pensions before you go. And worry about where and when you retire later.