Implications of relocating away from the UK

StinkyMonkey

Hello,

I am interested to know what the tax and other implications would be for someone with financial interests in the UK after moving away from the country. Imagine an EU citizen with more than 10 years full time employment in the UK who needs to relocate to the EU (possibly permanently). What would happen to a number of assets such as:

- Accrued UK state pension rights
- Personal pension/SIPP
- ISAs (cash & stocks and shares)
- Junior ISAs (for a child also relocating abroad – cash & stocks and shares)
- Other shares/stocks

Would these accounts need to be closed or become dormant? Can further deposits be made? Do they lose their special status (e.g. ISAs stop being tax-free)?

I appreciate Brexit complicates matters and things may change over the next 2 years, but I would like to disregard this aspect and get to know what would happen to the above assets under the current regime.

Finally, what about life insurance policies? Do they become invalid or could they continue as normal as long as payments of premiums (from overseas) continue?

Thank you for your help

xylophone

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

https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/moving-abroad

https://www.gov.uk/national-insurance-if-you-go-abroad

https://www.gov.uk/new-state-pension/living-and-working-overseas

https://www.gov.uk/individual-savings-accounts/if-you-move-abroad-or-die

https://www.expatriatehealthcare.com/what-happens-to-your-life-insurance-policy-if-you-move-abroad/

EdGasketTheSecond

ISAs can continue to be held but you can't contribute any more or open a new one.

Other accounts like bank, savings, and share dealing accounts can be opened in theory but in practice I have not found any institution willing to do so for non UK residents. Therefore open all accounts you are likely to need before you become non resident.

Pincher

http://www.expat.hsbc.com/1/2/?HBEU_dyn_lnk=CurrentAccount_OffshoreAccount_FindOutMore_Btn%3fHBEU_dyn_lnk=CurrentAccount_OffshoreAccount_FindABranch_Btn


http://financialplanning.hsbc.co.uk/events/moving-abroad


Hard work to open a bank account in a new country.
Unfortunately HSBC is not in every country.

dunstonh

ISAs are a UK specific tax wrapper. Most other countries do not recognise the tax free status of ISAs. So, whilst there may be no tax charged in the UK, it is possible that the country of residence will tax the ISA.

I appreciate Brexit complicates matters

It doesn't really as taxation is still handled at individual country level.

StinkyMonkey

xylophone wrote: »

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

https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/moving-abroad

https://www.gov.uk/national-insurance-if-you-go-abroad

https://www.gov.uk/new-state-pension/living-and-working-overseas

https://www.gov.uk/individual-savings-accounts/if-you-move-abroad-or-die

https://www.expatriatehealthcare.com/what-happens-to-your-life-insurance-policy-if-you-move-abroad/

This is a splendid list of useful links and very much appreciated. Many thanks!

Chapuys

Pincher wrote: »

http://www.expat.hsbc.com/1/2/?HBEU_dyn_lnk=CurrentAccount_OffshoreAccount_FindOutMore_Btn%3fHBEU_dyn_lnk=CurrentAccount_OffshoreAccount_FindABranch_Btn


http://financialplanning.hsbc.co.uk/events/moving-abroad


Hard work to open a bank account in a new country.
Unfortunately HSBC is not in every country.

Depends whether the OP is opening a bank account in another EU country. It is quite easy to open one these days due to recent EU regulations. I just opened a Irish Euro bank account (usable throughout the Eurozone) with KBC from the UK in about 15 day or so.