Taxation Choices available on move to Isleof Man

Bambini6

Have recently moved to Isle of Man.Can anyone put me on the track to find out what my options are :HMRC or Manx tax regime ?

Also choices I have in dealing with the investments (ISAs etc)made while living in UK?

I have found the Manx Government web pages which are very helpful but say nothing on the questions noted above.

Thank you

xylophone

options are :HMRC or Manx tax regime ?

FAQ here https://www.gov.im/categories/tax,-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/moving-to-the-island-new-residents/

https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxation-international-executives/isle-of-man/Pages/income-tax.aspx

http://www.hmrc.gov.uk/isa/faqs.htm

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).



I also found this but it is old and doesn't seem to chime with above.

http://www.thisismoney.co.uk/money/experts/article-1645028/How-will-a-move-to-Isle-of-Man-affect-me.html

According to NS&I http://www.nsandi.com/savings-direct-isa-isas-explained "To invest in an ISA you must be resident in the UK for tax purposes. The UK does not include the Channel Islands and Isle of Man."

Bambini6

Many thanks for prompt and extensive reply.

Yes there are some inconsistencies in the available information.
Tesco Bank proposes to terminate my ISA unless I have a UK address, despite their terms and conditions being in accord with th last paragraph of your information.Tesco is quite adamant,but I think it is their call centre which replies to my queries.

I also have quite a variety of other investments mainly in funds(FriendsLife),in some cases direct share holdings,Building Societies and Banks.If you have any thoughts on how these would be treated by my move to IOM I would be very greatful.(or is it simply a matter of changing the address with these institutions :T)
Thanks