What happens if i pay into my ISA while abroad

DesertEagle

I'm currently living and working in the Middle East and am therefore now non-resident in the UK. Before I left (early 2012), I locked my Halifax ISA in for 3 years at 4.25% (kicking myself now that I didn't go for the 5 year term...). I know I'm not "allowed" to pay into an ISA while overseas, but does anybody know what would happen if I did? If it's a case that I would be sent a bill for tax on the interest earned, I'm tempted to just fill it up and pay the bill as even then it's still a fairly decent interest rate, but obviously I don't want to jeopardise the funds already in the account...


Not usually one for breaking the rules, but I'm sure you can see why I'm tempted...! I hate not being able to top up my account!

Archi_Bald

Are you seriously expecting that people on the MSE forum will knowingly suggest ways you can break the law? And that the true ID of these people, and yourself, will be unobtainable for the HMRC? And are you really seriously desperate enough to try and commit ISA tax fraud?

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

http://search2.hmrc.gov.uk/kb5/hmrc/contactus/view.page?record=agUO91tWzfU

jimjames

When you can get more outside an ISA - gross if you are not taxpayer then your suggestion is even more crazy!

zerog

Presumably you filled in HMRC's "P85 Leaving the UK" form before you departed?

You know you need to provide your NI number when opening an ISA, so somewhere along the line they will put two and two together. I don't know what the penalty would be.

If you didn't tell HMRC that you left the UK, then why not claim UK unemployment benefits as well, since you aren't working here?

Archi_Bald

zerog wrote: »

If you didn't tell HMRC that you left the UK, then why not claim UK unemployment benefits as well, since you aren't working here?

Because he'd soon have to report to the Jobcentre once a week. A major inconvenience.