expat ISA's/account and Additional pension years

Dkokic

Hi All,
Back to the forum after a very long time.

Been an expat the last 4 years and I am trying to understand the implications for savings/ISA still in UK.

From what I understand, unless I become a UK resident again (hopefully in 4-5 years) there is no way to move money from existing low rate ISA to a new ISA. 
Would it be possible to move the money from the ISA to a Regular Savings account? What are the tax implications from this or do I still need to be a UK resident?


Also does anyone know how we can pay for additional pensions years while being an expat? 

Many thanks in advance for your help!

Kind Regards,
D

ColdIron

You will struggle to open any new account as a non-resident

Dkokic said:

Also does anyone know how we can pay for additional pensions years while being an expat?

I'm not aware of any problems with this but you'll need to phone the Future Pensions Centre (0800 731 0175 ) to get your 18 digit payment reference, maybe ask them. It could be a very long wait as it's very busy and there are reports of calls being cut off. Try 08:00 UK time

badger09

HMRC would allow you to transfer your ISA, but as @ColdIron said, you will struggle to open one with a new provider while you’re non resident. Same for a standard savings account. 

You can indeed top up your NIC contributions while abroad, and it’s very good value. Basic info here 

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

You should also consider paying up to £2880 into a SIPP, which will attract £720 tax relief, even though you pay no UK tax. 

eskbanker

badger09 said:

HMRC would allow you to transfer your ISA, but as @ColdIron said, you will struggle to open one with a new provider while you’re non resident.

There was a recent thread about this, in which an expat claimed to have found an ISA provider who'd open one for a non-resident, but the poster got carried away with abusive comments and the thread was deleted before they actually answered the question about who it was....

TiVo_Lad

Just as a thought, if your existing provider has a currently available ISA at a better rate they might allow you to do an "internal" transfer but I think you'd otherwise struggle as a non-resident. Worth giving them a call and see what they say.

MarcoM

Dkokic said:

Hi All,
Back to the forum after a very long time.

Been an expat the last 4 years and I am trying to understand the implications for savings/ISA still in UK.

From what I understand, unless I become a UK resident again (hopefully in 4-5 years) there is no way to move money from existing low rate ISA to a new ISA. 
Would it be possible to move the money from the ISA to a Regular Savings account? What are the tax implications from this or do I still need to be a UK resident?


Also does anyone know how we can pay for additional pensions years while being an expat? 

Many thanks in advance for your help!

Kind Regards,
D

Do you still have an address in the uk?

TBC15

I’m not sure if anything has changed over the last 35ys.

When I started to work overseas you were obliged to pay class one for the first year, but nobody did.

For subsequent years you could pay class 2 which is very good value.