Putting away 2k monthly...

Castleman

Hi all,

Starting in the new financial year, I have 2k per month to do something with. This will be a regular amount for approx the next 18months-2years. I am not a UK taxpayer (having just moved overseas).

I am interested to see what you suggest is the best saving/investment for an 18month-2year period with these monthly 2k additions to the balance.

Thanks,

Castleman

chesky369

Surely you need advice from someone within the country you're living in. If you're living outside the UK, you mostly can't open UK savings accounts or have ISAs.

Jonbvn

The situation depends on your tax status in the UK, and whether you have a UK address. If you have no UK address, you will find it impossible to open any savings accounts here, due to money laundering requirements.

Assuming you are non-resident for tax purposes, you are not allowed to contribute to ISA's.

Given the above, you should have a look at offshore accounts. A&L IOM were offering 6.51%. Stocks and shares are not worth considering over such a short period.

Note that you may still have to pay tax on any interest in your country of residence. If you are resident in the EU, check out the EU savings directive.

Castleman

Thanks for the advice. Resident in a tax free country, but one that also offers a stunning 0.13% on its savings accounts!

I do have a UK address and have informed gov't that I only intend to be out of country for approx 2 years.

Does this mean that I can't add to my existing ISA's? What if someone was to make a gift payment into my ISA?

Aegis

Castleman wrote: »

Thanks for the advice. Resident in a tax free country, but one that also offers a stunning 0.13% on its savings accounts!

I do have a UK address and have informed gov't that I only intend to be out of country for approx 2 years.

Does this mean that I can't add to my existing ISA's? What if someone was to make a gift payment into my ISA?

I believe that only you can pay into your ISAs, and only in years in which you are resident in the UK.