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On-line ISA Living in Spain.
7 Answers
My wife and I have two on-line ISA,s with "Newcastle Building Society" we applied to change our address as we now live in Spain,received a letter saying that the change of address was done but we must close our ISA,s,as we pay tax in the U.K.I was led to believe that these ISA,s would be no problem.
Can anyone help.
Thank you
allgram.
Can anyone help.
Thank you
allgram.
Answers
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You can't have an ISA if you are resident abroad.
http://www.isas.com/i.../the_basic_rules.html
http://www.isas.com/i.../the_basic_rules.html
Below is copied from gove website, hope it helps.
A. You can only open an ISA if you are resident and ordinarily resident in the UK for tax purposes (ask your Tax Office if you are in any doubt about this).
Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the government are eligible to open an ISA. Their spouses or civil partners can also open an ISA.
If you start an ISA in the UK and then go abroad, you cannot continue putting money into the ISA (unless you are a Crown employee working overseas or the spouse or civil partner of a Crown employee working overseas). However, you can keep your ISA and you will still get tax relief on investments held in the ISA. When you return, you can start putting money in again (subject to the normal annual limits).
A. You can only open an ISA if you are resident and ordinarily resident in the UK for tax purposes (ask your Tax Office if you are in any doubt about this).
Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the government are eligible to open an ISA. Their spouses or civil partners can also open an ISA.
If you start an ISA in the UK and then go abroad, you cannot continue putting money into the ISA (unless you are a Crown employee working overseas or the spouse or civil partner of a Crown employee working overseas). However, you can keep your ISA and you will still get tax relief on investments held in the ISA. When you return, you can start putting money in again (subject to the normal annual limits).
Well I have to so that I thought I knew the answer to this one - I thought that you were Ordinarily Resident for tax purposes.
Rather than just post that, I thought I'd check - which turned up this document - IR20 from HMRC, which purports to be the dog's what-nims in clarifying it.
http://www.hmrc.gov.uk/pdfs/ir20.pdf
But I find it bamboozling - maybe you (or someone else) can clarify.
Rather than just post that, I thought I'd check - which turned up this document - IR20 from HMRC, which purports to be the dog's what-nims in clarifying it.
http://www.hmrc.gov.uk/pdfs/ir20.pdf
But I find it bamboozling - maybe you (or someone else) can clarify.
^ Slight problem with that pdf, bm
This guidance does not apply from 6 April 2009. The guidance it contains is replaced by the guidance provided in HMRC6 – Residence, Domicile and the Remittance Basis. It is kept available for those people who need to make reference to IR20 for their tax affairs before 5 April 2009.
The following MAY help, but better to see your financial advsor
http://www.shelteroff...estment-options-10379
http://expatfinancial...isa-rules-for-expats/
This guidance does not apply from 6 April 2009. The guidance it contains is replaced by the guidance provided in HMRC6 – Residence, Domicile and the Remittance Basis. It is kept available for those people who need to make reference to IR20 for their tax affairs before 5 April 2009.
The following MAY help, but better to see your financial advsor
http://www.shelteroff...estment-options-10379
http://expatfinancial...isa-rules-for-expats/
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