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Lifetime ISA and moving abroad
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Thomas_Bone
Posts: 1 Newbie
Hi all.
Ive been reading about the lifetime ISA being introduced soon and I have a query about it. As a young adult (who hopes to move abroad in the future) I am wondering:
1. Since this is a long-term saving, would I be able to withdraw before I leave; a. Without being charged and b. With the government bonus
2. Would saving into this be worth it as opposed to something else
I am aware that you cant contribute to an ISA if you are not a UK resident and I have checked the government document (Cant link as a new user) for LISA but it mentions nothing about leaving to live in a different country.
Thank you in advance.
Ive been reading about the lifetime ISA being introduced soon and I have a query about it. As a young adult (who hopes to move abroad in the future) I am wondering:
1. Since this is a long-term saving, would I be able to withdraw before I leave; a. Without being charged and b. With the government bonus
2. Would saving into this be worth it as opposed to something else
I am aware that you cant contribute to an ISA if you are not a UK resident and I have checked the government document (Cant link as a new user) for LISA but it mentions nothing about leaving to live in a different country.
Thank you in advance.
0
Comments
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You should be able to keep the LISA if you move abroad, but you wouldn't be able to continue contributing to it if you cease to be UK resident.
It is a long term savings/investment product, so you won't be able to withdraw the money penalty free before the age of 60, with the exception of if you use the money to purchase a UK property as a first time buyer.0 -
Given what you've said about emigrating, this would be an unsuitable product for you.
Unless by "going abroad" you just meant for a few years and then you'd come back to buy a house.0 -
Hello - related but slightly different question:
Will I be able to withdraw the LISA money penalty-free if living abroad?
I understand I cannot contribute while living abroad, but let's say I contribute for 10-15 years and then move abroad in my 50's and never come back to the UK - I'll keep my LISA open during that time and let the money accrue, without making any additional contributions. Would there then be a requirement to be a UK resident to withdraw the money once I turn 60? Have looked at many articles and none of them address this issue...0 -
It will be subject to the T&Cs of the LISA provider. I don't believe there is a specific ISA rule that prohibits it.
I certainly wouldn't rely on the opinions of some strangers on an internet forum - instead, I would ask the HMRC for a position in writing. My guess is they'd just give a woolly response along the above lines.0 -
One thing to consider is whether the interest, government bonus, or capital gains on the ISA would be considered taxable in your country of residence. The tax-free status of ISAs is a UK thing only, and not recognised by foreign tax systems.0
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