Should I now move my investments out of Scotland

Options
jbr165
jbr165 Posts: 2 Newbie
in Savings & investments
Should I now move my Investments out of Scotland and into an England based provider to ensure that they remain within the Jurisdiction of the UK?
«134

Comments

  • dunstonh
    dunstonh Posts: 116,373 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    jbr165 wrote: »
    Should I now move my Investments out of Scotland and into an England based provider to ensure that they remain within the Jurisdiction of the UK?

    No. You are ok for now.

    If Scotland vote to leave the UK, then it will be more difficult than the UK leaving the EU. Especially if Scotland then applies to join the EU. Mainly as it appears that the EU will not grant passporting rights to the UK (or vice versa). So, companies based in Scotland will have to relocate operations to the UK to service the rUK leaving a smaller unit in Scotland to service Scottish operations.

    However, with things hypothetical at this stage and even if the vote ends up to leave, it will be many years before things get sorted.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    What were your thoughts before their independence referendum?
  • ColdIron
    ColdIron Posts: 9,051 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Do you want to conduct your rUK transactions in Groats?
  • jimjames
    jimjames Posts: 17,619 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    dunstonh wrote: »
    No. You are ok for now.

    If Scotland vote to leave the UK, then it will be more difficult than the UK leaving the EU. Especially if Scotland then applies to join the EU. Mainly as it appears that the EU will not grant passporting rights to the UK (or vice versa). So, companies based in Scotland will have to relocate operations to the UK to service the rUK leaving a smaller unit in Scotland to service Scottish operations..
    I guess it all depends. Lots of what-ifs.
    Is it entirely possible that Scotland could retain EU membership (not rejoin) and passporting rights which might boost companies in Edinburgh.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dunstonh
    dunstonh Posts: 116,373 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    jimjames wrote: »
    I guess it all depends. Lots of what-ifs.
    Is it entirely possible that Scotland could retain EU membership (not rejoin) and passporting rights which might boost companies in Edinburgh.

    EU have said that Scotland cannot retain EU membership. They would need to apply. If they do get EU membership, they would not be able to offer financial services to the rUK. It works both ways. UK cannot access EU and EU cannot access UK.

    There is also the possibility that in a leave vote, Scotland itself could end up broken up with regions of Scotland voting to remain using the same argument Sturgeon has been using back at her and being partitioned off to stay in the UK. Scenarios are endless. Edinburgh could end up staying in the UK and leaving Scotland.

    However, back into reality, this is not an issue to be concerned with now or even immediate future. No decisions should be made now on leaving Scottish companies.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ColdIron
    ColdIron Posts: 9,051 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    jimjames wrote: »
    Is it entirely possible that Scotland could retain EU membership (not rejoin) and passporting rights which might boost companies in Edinburgh.

    Seems unlikely. In response to Mrs Sturgeon's announcement Maragritis Schinas, a spokesman for the European Commission, said Scotland would not be granted automatic access to the EU if it split from the rest of the UK.

    http://www.independent.co.uk/news/uk/politics/scottish-eu-independence-referendum-scotland-join-queue-membership-apply-a7627201.html
  • System
    System Posts: 178,094 Community Admin
    Photogenic Name Dropper First Post
    edited 13 March 2017 at 8:07PM
    Options
    dunstonh wrote: »
    EU have said that Scotland cannot retain EU membership. They would need to apply. If they do get EU membership, they would not be able to offer financial services to the rUK. It works both ways. UK cannot access EU and EU cannot access UK.

    There is also the possibility that in a leave vote, Scotland itself could end up broken up with regions of Scotland voting to remain using the same argument Sturgeon has been using back at her and being partitioned off to stay in the UK. Scenarios are endless. Edinburgh could end up staying in the UK and leaving Scotland.

    However, back into reality, this is not an issue to be concerned with now or even immediate future. No decisions should be made now on leaving Scottish companies.

    Can I borrow your Norfolk hotline to the EU? :rotfl::rotfl:
    Lots of your wild speculation is rubbish e.g. Edinburgh leaving Scotland.
    At least the UK Chancellor has put that extra money into Social care...
  • dunstonh
    dunstonh Posts: 116,373 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Can I borrow your Norfolk hotline to the EU?

    Easier if you just watch the news.
    Lots of your wild speculation is rubbish e.g. Edinburgh leaving Scotland.

    Much of what you say is too. But at least I stated that mine was speculation. What is your excuse?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Jon_W
    Jon_W Posts: 108 Forumite
    Options
    jimjames wrote: »
    I guess it all depends. Lots of what-ifs.
    Is it entirely possible that Scotland could retain EU membership (not rejoin) and passporting rights which might boost companies in Edinburgh.

    No, it's legally impossible.

    Scotland is not a member of the EU: it is not a signatory to any of the EU treaties.

    It cannot sign any such treaty before it is independent as the Scottish First Minister does not have the legal capacity to do so in UK law. As the signature is not from a 'head of state or government' (at that point) it is also legally ineffective for EU legal purposes.

    The only option is independence then trying to join the EU, with it being far from certain that the EU would accept it. It needs unanimity in the Council. Spain would almost certainly veto it, to dissuade regions like Catalonia and the Basque region from seeking independence. Belgium may also do so to dissuade Wallonia.

    The SNP seem to be selling this as a possibility. I cannot imagine that they genuinely believe that it is possible. Sturgeon will have spoken to EU legal experts and EU heads of state/government on this issue.

    Anyone voting for independence on the basis of 'remaining' in the EU will have some harsh lessons to learn.
  • System
    System Posts: 178,094 Community Admin
    Photogenic Name Dropper First Post
    Options
    dunstonh wrote: »
    Easier if you just watch the news.



    Much of what you say is too. But at least I stated that mine was speculation. What is your excuse?

    That Edinburgh is leaving Scotland?
    'Regions' of Scotland will stay in the fUK?

    Here comes the science bit - concerntrate!

    EFTA are already on the record regarding Scotland.
    EFTA = EEA = Single Market including Passporting.
    That obviously assumes no EU membership of the Single Market.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards