ISA Transfer for non UK resident

$nake_eye$

I opened an ISA with first direct many years back when I lived and worked in the UK as a British citizen. I then moved to Singapore and stopped paying UK tax. Since the date I stopped paying UK tax, I have also stopped investing new money into my ISA, however I still have the account that is now returning a much smaller monthly interest amount.

Where do I stand in terms of transferring my ISA to a new provider as I am not a UK resident? Would this be specific per provider? Or a blanket rule? I notice Santander have one of the highest rates at the moment but require you to be a UK resident.

Also, could someone confirm that while I don't have to close my account, I cannot keep investing. I'm pretty sure this is the case.

BeachNut

Transferring is no problem, although who you transfer it to may not accept a non-uk address... No need to close the account and still tax free, but you cannot add to it or open a new ISA while non-resident.

$nake_eye$

Thanks, I thought that was the case. I actually still own the property I used to stay in, and reside there for a month a year.. I wonder if that would count

innovate

When you transfer your ISA, you need to apply for another one to take the transfer amount. You generally will have to confirm that you are a UK resident, and you will have to give the new provider your UK address and your NI number. If you can provide all this information truthfully, you can transfer your ISA.

s20544

When opening a new ISA (to transfer to), I believe that the question you will be asked will relate to UK tax residency. Owning a UK property and residing in it for one month a year is useful for postal correspondance but it is not normally enough to justify UK tax residency required for new ISAs, unless you have multiple additional ties to the UK (immediate family and work etc) . . . my opinion only, the paid tax advisors are obviously the experts.

laurylaury

As others have said, you would have to open a new ISA with another provider and would need to confirm that you are UK resident when doing this.

Even if you were to tell them that you are resident and provide them with the UK address and you manage to pass the electoral roll search and credit check...you would still be expected to return a signature letter sent to the UK address as part of the account opening process.

Since you live abroad for most of the year I assume this wouldn't be possible unless you applied just before you came back to the UK.

And even if you managed to do this, you would have to expect HMRC getting involved.

So, basically, it may be possible but is probably not advisable.

Although you should give HMRC a call and see what they have to say about it or contact a tax advisor.