What happen with ISAs if you leave the UK?

TheCrazyTravel

I am planning to travel around the World in a bicycle starting next year, and I am not going to be living in the UK for several years. It shouldn't be a problem to keep open my bank accounts, would I have any problem with my ISA accounts?

helptoyou

. What happens if I go abroad?


A. You can only open an ISA if you are 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).

TheCrazyTravel

Thank you very much. My concern is about transferring ISAs to new ones in the market with better rates.

Porcupine

What I would do now is open simple savings accounts at as many banks and building societies as possible, and put 2p in each. Then, when you're off on your travels, you're an 'existing customer' to them and you'll probably find it's easier to open new accounts there if you want to transfer the ISA.

It might help if you open them at your current address, and later give them a change of address to someone who is happy to handle your post for you while you're away.

TheCrazyTravel

Porcupine wrote: »

What I would do now is open simple savings accounts at as many banks and building societies as possible, and put 2p in each. Then, when you're off on your travels, you're an 'existing customer' to them and you'll probably find it's easier to open new accounts there if you want to transfer the ISA.

It might help if you open them at your current address, and later give them a change of address to someone who is happy to handle your post for you while you're away.

Thanks for the advice. ;-)

pqrdef

TheCrazyTravel wrote: »

Thank you very much. My concern is about transferring ISAs to new ones in the market with better rates.

Not possible in general. But at Nationwide you can move money internally from an old ISA product to a new one and it doesn't count as opening a new ISA.

Vortigern

If you know how long you'll be away and have no need of the ISA money while you're away, you should consider locking in to a fixed term ISA before you go.