ISAs and working abroad???
Discussion
I currently live/work in Australia... I have just some bonus credit arrive at my UK bank account. I don't currently have any UK savings, it is all in Australia and although only on a temporary work visa, I am considered resident for tax purposes here.
I was wondering if i can set up an ISA in the UK to use this money? I am assuming not, because I would expect I would have to be resident in the UK to benefit from the tax-free portion of savings there, but I thought I would ask. The rise of the Aus$ against the £ makes it less attractive to move the amount here to top up my Aus savings.
TIA... ~PHIL
I was wondering if i can set up an ISA in the UK to use this money? I am assuming not, because I would expect I would have to be resident in the UK to benefit from the tax-free portion of savings there, but I thought I would ask. The rise of the Aus$ against the £ makes it less attractive to move the amount here to top up my Aus savings.
TIA... ~PHIL
I am not sure if the rules have changed, but when I left the UK for the US. I was told by my bank that I could keep any money I had in ISA's and still benefit from tax free money. More importantly you do not have to close your ISA. BUT you cannot add money while you are not in the country.
Again I am not sure how accurate this was, but you could always open a Nationwide account and get their savings account 5.5% if I remember correctly and they do not charge for international transactions on their debit card. So IF you need the money in Australia then transfer immediately to your current account and your money is available.
Also you can then register for Gross interest if you are out of the country for the specified time period.
Again I am not sure how accurate this was, but you could always open a Nationwide account and get their savings account 5.5% if I remember correctly and they do not charge for international transactions on their debit card. So IF you need the money in Australia then transfer immediately to your current account and your money is available.
Also you can then register for Gross interest if you are out of the country for the specified time period.
AndyADH said:
I am not sure if the rules have changed, but when I left the UK for the US. I was told by my bank that I could keep any money I had in ISA's and still benefit from tax free money. More importantly you do not have to close your ISA. BUT you cannot add money while you are not in the country.
Again I am not sure how accurate this was, but you could always open a Nationwide account and get their savings account 5.5% if I remember correctly and they do not charge for international transactions on their debit card. So IF you need the money in Australia then transfer immediately to your current account and your money is available.
Also you can then register for Gross interest if you are out of the country for the specified time period.
That is the same as my partner thought - she has existing ISAs and has been allowed to keep them, provided she doesn't add to them whilst she is out here. I was not that savvy with cash when i was in the UK and never took any out... Again I am not sure how accurate this was, but you could always open a Nationwide account and get their savings account 5.5% if I remember correctly and they do not charge for international transactions on their debit card. So IF you need the money in Australia then transfer immediately to your current account and your money is available.
Also you can then register for Gross interest if you are out of the country for the specified time period.
Ah well, any more info on the bit about gross interest..? I might qualify for that i suppose.
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