Adding to ISA whilst living abroad

willie5094

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.

eskbanker

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.

MDMD

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 

willie5094

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.

masonic

willie5094 said:

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.

willie5094

I already have money in a savings account at my UK bank but making not a jot.

SonOf

willie5094 said:

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.