Lloyds ISA - living abroad

qprx89 · 10 April 2018 at 3:50AM

Hello everyone.

I would appreciate some help with this hopefully simple query.

I moved to Japan about 2 years ago from the UK. I have some money in an ISA with lloyds. I have not payed into the ISA since I moved abroad as I know I am not allowed to do this. As I do not plan to pay into it again I am happy with it being sat there inactive for another couple of years however I am worried that if I do this eventually Lloyds will move the funds or deem it abandoned or something. Would it be better to move the sum to my normal account out of the isa?

I feel I should not re-activate it as I am asked to confirm I am a UK tax payer which I am not anymore. Can I just leave it until one day I transfer it back to my normal account?

Thanks

David

Alexland · 10 April 2018 at 7:57AM

Have you provided Lloyds with up to date contact details in the event they wish to contact you by letter? If you intend to remain a Japanese resident then why are you keeping it?

pheonix254 · 11 April 2018 at 5:42AM

Lloyds cannot touch your money. UK government regulations do allow the government to take it if it is dormant, but only after 15 years. You may wish to contact Lloyds to ensure they have your contact details and to ask them to prevent the account being marked as dormant. A quick google indicates it usually takes 3-5 years of zero activity or evidence of returned mail in the case of savings accounts like ISAs.

As to whether you'd want to keep it - that purely depends on whether you have any intention to return to the UK. I'm an expat myself with UK ISAs and I've kept them (but not made subscriptions during years where I'm not UK tax resident) as I do intend to return.

Lloyds ISA - living abroad

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