Tax Status for Banks Accounts

JIMBO1970_2

Hi everyone. Just a couple of questions on savings. I am a uk resident, living in portugal for a couple of years at least. Firstly, can I open an ISA to put £3k each in for myself and wife? Next, am I due to pay tax on savings accounts or am I a non-tax payer in the uk? Where is the best place to put around 20k for a year or two?
Regards,
Jim.

jimatko

Check out the Revenue leaflets on residence for tax purposes. You could well be non-res, especially if you are working. If you are then you can't have an ISA but can open an offshore bank account which pays gross.

Just remember if you become res again declare the interest as offshore banks now share info with HMRC.

Cook_County

Your worldwide income will be taxable in Portugal in any case; this would include growth within any ISAs, so the better question is to find out what will be most tax efficient in Portugal before rushing to invest.