Illegal Junior ISA trap?

momcop

I opened three junior ISA accounts whilst living in the UK all my life for my three children after coming into some money.
Three years later because of the economic situation involving my career I decided it was important to leave the UK for us all.
There is nothing on the HMRC website re ISA's, nor the relevant Nationwide Junior ISA literature that states that I cannot by law or regulation, transfer those savings into a Junior ISA abroad where I have since been residing. I am obviously upset about this and wish for anyone to give good advice on how I can get our savings to our resident country (been here three years).
Do you think I can argue with human rights of property?
I cannot find one article on web search results about Junior ISA's being not allowed to be transfered out of the UK to an appropriate saving account and as we stand, according to the HMRC we are now not elligble to have one anyway due to the fact we are no longer resident in the UK...nor are we Crown Servants. Any clever advice welcome.

badger09

ISAs are a UK specific tax free account. I am not aware of any other country which has such products, but then I'm not an expert on other countries' tax systems.

UK legislation is such that you cannot contribute to an ISA if you are not resident in the UK for tax purposes (unless you are a Crown Servant etc)*.

You can however retain the ISA, and resume contributing if/when you become resident again.

EDIT However, this* apparently does not apply to a JISA

colsten

The law says

26.2.2 A JISA cannot be closed merely because the child has become non-resident in the UK.

So there's nothing illegal about you not being able to close the JISAs. Transferring the money to another country would definitely equate to closing the JISAs.

The terms and conditions you agreed to when opening the JISA will have made you awareincluded that transfers and withdrawals are not permitted before the age of 18, except on death of the child.

McKneff

Human Rights,,,,, bit OTT surely

colsten

McKneff wrote: »

Human Rights,,,,, bit OTT surely

OP could blow the kids' money several times over on some court case that will lead to nothing.

bigadaj

colsten wrote: »

OP could blow the kids' money several times over on some court case that will lead to nothing.

Or on their right to take kids out of school in term time maybe?

PeacefulWaters

Do you think I can argue with human rights of property?

I think you're being ridiculous.

sandsy

It's quite normal for tax advantaged products to be restricted to the country where they are established. Many countries apply the same rules in respect of pensions. It took me a year to jump through the necessary hoops to free up one of my overseas pensions - and pay the necessary tax bill.

Looks like your kids will have some funds to look forward to when they reach 18.

xylophone

See https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

"If your child moves abroad, you can still add cash to their Junior ISA."

jimjames

momcop wrote: »

There is nothing on the HMRC website re ISA's, nor the relevant Nationwide Junior ISA literature that states that I cannot by law or regulation, transfer those savings into a Junior ISA abroad where I have since been residing.

Can you provide a link to the Junior ISA available where you currently reside?

xylophone

It seems that the OP has lived abroad/returned to UK/ gone abroad again ...her plans seem very fluid.

https://forums.moneysavingexpert.com/discussion/3369748

It may be that other countries have tax privileged savings account for children but (even if it were possible to close the JISAs), such accounts might well not permit transfers in from other jurisdictions?