Saving As Non UK Resident

jon-san

Hi all,

I have ₤10,000 to invest but am currently not a resident in the UK.

I am a British Citizen and have a UK current account, UK driving licensce, passport etc. but I'm not a British taxpayer.

My parents live in UK, so I have an address to use for correspondance etc.

I originally wanted to put ₤3000 in an ISA at the end of the tax year, ₤3000 in an ISA at the beginning of the new tax year, and the rest in a high interest savings account.

I will always have ties to the UK, thats why I want to keep my investment there. What options do I have?

Steve_xx

I think that you have to be a UK resident to hold an ISA.

From HMRC
Moving abroad
You can only open an ISA if you are resident and ordinarily resident in the UK for tax purposes. If you are unsure about this, call our Centre for Non-Residents on

• 0845 070 0040 (UK) or
• 44 151 210 2222 (from abroad).

If you open an ISA and then move abroad, you are no longer classed as a UK resident. So you cannot put money into the ISA.
You can still keep your ISA open and you will still be entitled to the tax benefits on investments held in the ISA. If you become UK resident and ordinarily resident, you can start putting money in again.

Jonbvn

I would suggest the A&L IOM esave account, which currently pays 6.51%.

If you are outside the EU, you will get the interest gross. If inside the EU you must pay withholding tax or declare the interest to you local tax authorities.

Cook_County

Jonbvn wrote: »

I would suggest the A&L IOM esave account, which currently pays 6.51%.

If you are outside the EU, you will get the interest gross. If inside the EU you must pay withholding tax or declare the interest to you local tax authorities.

I don't want to sound picky but this should read:

"If inside the EU you must declare the interest to your local tax authorities". This is fundemental whether or not there is withholding tax.