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Mrs Witts
Lugsberg
Posts: 2 Newbie
What happens if I invest in a Help To Buy ISA for my 17 year old son and then he decides to emigrate to Australia before he has used the savings to purchase a house?
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Comments
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https://www.gov.uk/individual-savings-accounts/if-you-move-abroad
He can't use the money to buy a property abroad.
https://www.moneyadviceservice.org.uk/en/articles/a-guide-to-help-to-buy-isas0 -
Willl I just get back the money I invested with no interest?0
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Anyone old enough to qualify for a HTB ISA is deemed to be old enough to do it themselves so it can't be opened by a parent or anyone else on their behalf.What happens if I invest in a Help To Buy ISA for my 17 year old son and then he decides to emigrate to Australia before he has used the savings to purchase a house?
If he later emigrates then he can close the account, and won't lose any interest by doing so (it'll be added up to the date of closure, as with any other savings account), although he obviously wouldn't qualify for the government bonus. At the risk of labouring the point, the money would be his so he'd get it back, not you....Willl I just get back the money I invested with no interest?0 -
Why not just get him to open the account before the last date to open a help to buy isa (30 November) and see what happens. At worst if your son emigrates to Australia (or elsewhere) he will have earned a good rate on his savings instant access of 2.5% plus.
This is all a bit hypothetical anyway. Is he an Australian or NZ citizen already (via birth of parentage) – as I just ask as otherwise emigrating to Australia isn’t easy these days unless you are highly skilled and it might be a few years before he develops those skills to qualify. There is the temporary working visa for 18-30 year olds for a year or more but that is no longer any guarantee of being granted permanent residency.
He might decide to stay in the UK in the end – but if he waits until 1 December he will never be able to open a help to buy isa.0
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