New Post Advanced Search

Coronavirus: Stay up to date with the latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
Stay updated with our guides: Coronavirus Help & Your Rights * Coronavirus Travel Rights
NEWSFLASH 27/03
MARTINS VIDEO FOR SELF-EMPLOYED * DELAY HOUSE MOVES * EUROSTAR UPDATE

Adding to ISA whilst living abroad

6 replies 91 views
I have a Virgin ISA which I would like to deposit money into, I live abroad and wondering what the rules are about depositing money into it. Any thoughts on this please.

Replies

  • eskbankereskbanker Forumite
    13K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    As explained at https://www.gov.uk/individual-savings-accounts/if-you-move-abroad, you can't contribute if you moved before last April:
    If you move abroad
    If you open an Individual Savings Account (ISA) in the UK then move abroad, you cannot put money into it after the tax year that you move (unless you’re a Crown employee working overseas or their spouse or civil partner).
    You must tell your ISA provider as soon as you stop being a UK resident.


  • MDMDMDMD Forumite
    520 posts
    Fifth Anniversary 500 Posts
    ✭✭
    You also need to find out if the interest on your isa is taxable in wherever you are currently living. Just because they are tax free in the UK does not mean they are tax free everywhere 
  • willie5094willie5094 Forumite
    18 posts
    Sixth Anniversary 10 Posts
    Thanks for your replies guys, our accounts are UK based. Oh well I'll just spend my money on a new car if I can't save it.
  • masonicmasonic Forumite
    13.4K posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    Thanks for your replies guys, our accounts are UK based. Oh well I'll just spend my money on a new car if I can't save it.
    There are probably other savings accounts you could use.
  • willie5094willie5094 Forumite
    18 posts
    Sixth Anniversary 10 Posts
    I already have money in a savings account at my UK bank but making not a jot.
  • SonOfSonOf Forumite
    2.6K posts
    1,000 Posts Second Anniversary
    ✭✭✭✭
    Thanks for your replies guys, our accounts are UK based. Oh well I'll just spend my money on a new car if I can't save it.
    The accounts may be UK based but you are subject to the tax rules of the country you are resident in for tax purposes.   ISAs are only recognised in the UK.  So, whilst there would be no tax in the UK, the country you are in may tax it.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support