Cash ISA expired, now overseas: what really are the options? What are others doing?

matzuba

Sorry, I am no expert but afaik, there is no equivalent wrapper around a savings or stocks and shares account like ISAs in the UK - very sad i know! There is no 1,000K personal alloawnace for bank interested. Someone else maybe able to better answer or you will need to check the specifics but I believe any bank account interestsor profits from CGT is taxed at your marginal tax rate. i'm not aware of an additional allowance here but need to check.

Paying into a Pension fund is compulsory and called Super and like the UK, you can make contributions pre-tax.

Investments in property have more tax relief options than the UK: negative gearing/depreciation etc
Everyone has to fill in a tax return, there is more opportunity to claim work related expenses to off set your tax.

In terms of investment platforms and access to shares/fund etc, from my perspective, it is comparable to the UK in terms of range and being straight forward.

matzuba

What are any thoughts on the providers' below investment products?
Santander and Natwest seem expensive and a bit naff, HSBC at least offers EFT funds and a bit more structure similar to an online platform. Nationwide sub things out to legal and general.

-Santander
-HSBC
-Natwset
-Nationwide

colsten

It is generally not a good idea to use a High Street provider for investments as they often offer a limited range of investments and are generally expensive.

Not being a UK resident will make it tricky/impossible to open a UK onshore investment account, just like you experienced with TD Direct and H&L already.

matzuba

I totally agree and why i stayed away at first as potential options

I am just looking at providers i already have accounts with and if there was any potential option that would be better than sitting in an account earning very little now.

EdGasket

bowlhead99 wrote: »

However if you are looking for a home for pound sterling savings then somewhere like Nationwide International would give you over 1% on fixed deposits and they are well used to having savers who are overseas resident and wanting to store funds in GBP/ USD/ EUR.

Nationwide International are closing in summer 2017:

http://www.nationwideinternational.com/home_files/news.htm

Unlike you to miss a detail like that bowlhead99.

bowlhead99

matzuba wrote: »

Am i wrong to have a hang up about exchange GBP to AUD? If i was to actually find a platform to invest through, does it make much difference if i invest in the fund in GBP via a UK platform or the same fund through a platform in Australia with AUD ? The units i could purchase would still be the same due to the value of the current right?

Yes you are mostly wrong to worry about it. Presumably the investment funds you would buy would be global in focus, owning company shares and properties and company and government bonds the world over.

If the underlying investment is two shares in Microsoft valued at $US100, it doesn't matter if you buy them as part of the portfolio held by a fund run by HSBC out of London or Macquarie out of Sydney.

Example: the price of one unit of the UK-managed fund might be x pence and one unit of the Aussie-managed fund might be y cents. In a year's time, when those Microsoft shares are worth $110, then depending on exchange rates it might be that the UK fund is now priced at 1.15x pence and the Aus fund is valued at 0.95y cents...

... But that doesn't mean it was better to buy the UK fund because it has a price chart that went up. The pounds (and us dollars) are simply worth fewer AUDs. The return you get on Microsoft is +10% in USD, +15% in GBP, and -5% in AUD, whether you buy it in a UK fund at HSBC London or a Aussie fund at Macquarie Sydney.

EdGasket wrote: »

Nationwide International are closing in summer 2017:

http://www.nationwideinternational.com/home_files/news.htm

Unlike you to miss a detail like that bowlhead99.

Yes, thanks, it is unlike me to miss details because I am an "attention to details" person

In this case I made a suggestion based on available facts, in a post in April 2016. In May 2016 Nationwide Intl announced some changes along with the fact that they had taken the decision to close in 2017. In September 2016 the announced they would no longer open new customer accounts. In November 2016 in the article you linked, they gave further details about the closure in summer 2017.

So, it wasn't my fault for "missing" the announcements when mentioning them as a service provider that might fit the bill in April, given they were not made until May, Sept and Nov.

Perhaps you would like to go back to my school days and pick me up on the fact I told my teacher that Grandma and Grandpa had just come back from a nice sunny holiday in Dubrovnik, Yugoslavia, completely failing to notice that fifteen years later actually Yugoslavia as we know it would cease to exist and I ought to have recommended Croatia instead based on the now current information as of 2017...

EdGasket

Oh OK I didn't realise the thread and your post was that old; have to let you off the 'not paying attention to detail' charge then.