Moving abroad and tax

mroller

Hi all,

I have just moved to Belgium to start a new job, dont know if i will be back to the UK or not, and I have few questions about my finances in the UK:

- I have a sizeable portfolio with H-L, an ISA account and a normal dealing account. Is it a good idea, from a tax perspective, to keep this acount if I am not resident? (wondering if there is any invisible tax that i would be paying)

- I understand I will not be able to contribute to my Isa, but will it be possible to transfer a cash Isa to a shares Isa after april 6th?


for info :
- I will not be keeping an address in the UK, but i will have my mail forwarded
- I am an EU citizen (non uk)

mroller

was hoping to get answer on my questions, at least the first one!

Cook_County

I do not understand why the portfolio was onshore in the UK if you were never domciled within the UK while you were resident here.

As far as right now, you obviously need urgent Belgian (not UK) advice since Belgium will want to tax you on your portfolio/ISA etc..

Steve_xx

This link may be of help to you:

http://www.hmrc.gov.uk/pensioners/tmatax-when-living-abroad.shtml

mroller

Cook_County wrote: »

I do not understand why the portfolio was onshore in the UK if you were never domciled within the UK while you were resident here.

As far as right now, you obviously need urgent Belgian (not UK) advice since Belgium will want to tax you on your portfolio/ISA etc..

That's a fair point, and was aware of it.
The thing is that I never paid tax on my portfolio with HL, I always buy accumulation units and managed to stay just below the capital gain allowance. So never paid tax unless there is a tax that I don't know about that is paid by the fund manager direct (actually, that's what I would like to know)

My savings are already offshore.

Regarding Belgium, there is no capital gain tax, so that's one problem sorted:D

Aegis

mroller wrote: »

That's a fair point, and was aware of it.
The thing is that I never paid tax on my portfolio with HL, I always buy accumulation units and managed to stay just below the capital gain allowance. So never paid tax unless there is a tax that I don't know about that is paid by the fund manager direct (actually, that's what I would like to know)

My savings are already offshore.

Regarding Belgium, there is no capital gain tax, so that's one problem sorted:D

I was quite surprised recently when I learned that the dividends automatically reinvested in an accumulation collective fund are supposed to be subject to income tax at the investor's normal rate. I thought that was quite stupid given that accumulation units do not publicise a dividend value, making it impossible to correctly pay the tax that is supposedly required on them.

Does anyone else better understand the tax position of accumulation units?