Not so nISA if you move abroad!

Nobby29

My dear Archi and others,
Despite complaining to HMRC and to also admit that Mike Yorks was probably right (said through gritted teeth ) this was the HMRC response...


If the ISA manager doesn’t want to accept a transfer in then he isn’t obliged to. The ISA manager has business reasons why he won’t operate ISAs on behalf of non residents so your grievance is against the ISA manager not HMRC. HMRC rules allow transfers of ISAs between ISA managers for both resident and non resident investors so we are not putting any obstacles in your way.

Your only option is to find an ISA manager willing to accept the transfer.

This is a fudge and shows a weakness in government policy. Non-UK residents are hung out to dry with this one.

Hand 1: It's our policy as HMRC to empower ISA managers with the capacity to transfer your funds as an existing NOT a new customer.

Hand 2: It's our policy as ISA managers to class you as a new customer despite it being a transfer and NOT a new account.

Thus a successful fudge/impasse is reached and the loser - The Customer - Well quelle surprise!

No joy yet Archi, Halifax in all its many forms iWeb/Halifax/Motley and others were a big fat NO! Researching still more, so will keep everyone informed.

zerog

I don't see why an ISA manager must do business with a non-UK resident, just because HMRC permits them to.

How it is a weakness in government policy if something is not illegal, yet nobody wants to do it?

Furthermore, I don't see why the UK government should do anything in the interests of non-UK residents, except to provide them with consular assistance and possibly repatriation from unstable countries if they are British citizens.

Archi_Bald

Nobby29 wrote: »

This is a fudge and shows a weakness in government policy. Non-UK residents are hung out to dry with this one.

Sorry, it is not a fudge and if there were anything wrong with the ISA legislation and/or government ISA policy, it is that people who do not pay tax in the UK are able to get tax relief. Though in the interest of simplicity and cost-effectiveness, it is probably easier to just keep the tax exemption intact.

You have a choice: if you wish to assume all the rights, and duties, of UK residents, you can live in the UK. If you don't wish to live in the UK, you do not have the duties of UK residents and therefore have to expect that you don't have all the rights UK residents have. It's as simple as that. Your decision.

Nobby29

Zerog and Archi Bald, it is very funny reading through the many blogs as someone who has served his country in many different capacities that certain posters seemingly like nothing better than an argument on the forum. You have opinions I disagree with them. Who's right? No-one? I came on the forum for assistance given than TD Direct behaved in a manner I felt was unacceptable. Clearly you think such behaviour was acceptable given the minute you leave the UK you relinquish your past and everything you've given and any company can behave in precisely anyway it wants. Interesting... Is this the be especially nice to newbies bit???? ))

Archi_Bald

Being nice to newbies doesn't mean you have to agree with them.

Nobby29

Of course. Though I think one should always read through the whole book before forming a view. I am quite rightly not allowed to invest any more while abroad thus I am not benefiting in that respect, I merely wish to retain my ISA until I return to the UK. I think that's fair and reasonable. But such a thought is equally only an opinion.

atush

"How it is a weakness in government policy if something is not illegal, yet nobody wants to do it?"



It isn't illegal to sell pickled duck eggs. It isn't illegal I don't want to sell them or eat them either.


Keep looking, you'll find someone. Have you contacted HSBC? expat services?

Nobby29

Thanks atush,
Your post has merit as there is an HSBC in the country where I am working. I have asked the question and will keep all updated as to the response. Appreciated.

atush

I did post that rec on post 15 though, before you got all mad lol

Nobby29

Appreciated. I have been following a systematic approach based on charges etc. Yours was a timely reminder. Finding a single option would seem little short of a miracle now.