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26th
Oct 2020
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What Happens to My ISA If I Move Abroad?

What Happens to My ISA If I Move Abroad?

If you’re one of the lucky ones hopping on a plane to up sticks to sunnier lands than the UK (for a long-term or permanent move), then you need to think about what to do with your ISAs. Since ISAs are legislated by the Government and are designed for UK citizens to save and invest, moving abroad can complicate matters. Luckily, we’ve got all you need to know. 

What is an ISA?

An ISA (Individual Savings Account) is a government legislated type of saving or investment which allows you to put money into a tax-efficient way of saving.

An ISA allows an individual to put approximately £20,000 into any ISA account each tax year. This money is then kept in a tax free wrapper – essentially, this means that any returns generated either by interest or from investment, are not subject to capital gains tax or income tax.

There are a variety of different kinds of ISAs, including but not limited to Cash ISAsInvestment ISAsLifetime ISAs, and Junior ISAs.

 I’m moving abroad – what do I need to know about my ISAs?

ISAs are intended to be used by residents of the United Kingdom. That means that if you are planning to move abroad, then there will be changes to the way you are able to use your ISAs.

You will still be able to hold your ISA accounts, and they will still accrue interest tax-free.

However, you cannot put any money into your ISA after the tax year that you move, or open any more ISAs during the period you are living aboard. This means you are sacrificing your £20,000 allowance for the tax year that you move abroad. 

There are exceptions to this rule – those who are Crown employees who are working overseas (and the spouses/civil partners of these individuals) are exempt.

You must also let your ISA provider know when you have moved abroad and ceased being a UK resident.

You can also still transfer your ISA to another provider should you be unhappy with the current deal you have.

Can I never put money into my ISA again if I move abroad?

Not necessarily.

You can put money into an ISA again if you’ve lived abroad – you just need to move back to the UK in order to do so. 

Once you once again become a UK resident, you will be able to open as many new ISAs as you wish – within the regulations, of course. 

This applies to all ISA accounts - Cash ISAs, LISAs, JISAs, Investment ISAs etc. 

You can read more about all of these ISA accounts here. 

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Fidelity

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,000+ Funds
  • Invest From: £50pm

Why we like it: Invest from as little as £50 a month or with a £1,000 lump sum. Investment choice from over 100 fund providers, giving you access to 2,000+ funds. One low-cost service fee of 0.35%*. Great service – from investment guidance on website through to UK-based phones team. PathFinder, Select 50, Investment Finder - investing tools for beginners to advanced investors. 24/7 access via online Account Management system.

* depending on how much you have invested

Special offer:

Invest and get £25 cashback » 

Build your savings with an ISA and receive £25. Exclusions, T&Cs apply.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Stocks & Shares ISA

from Interactive Investor

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 40,000+ UK and global investments
  • Invest From: Any Lump Sum or £25 a month

Special Offers:
£100 Cashback if you transfer in any ISA worth more than £20,000
Open an ISA, Trading Account or Sipp and you'll get £100 of free trades to buy or sell any investment (new customers only)
Terms apply

Why we like it: An award-winning ISA that gives you complete control. The second largest platform in the UK with the widest choice of investment options in the market including funds, investment trusts, ETF’s and more. Open online in less than 10 minutes. Access to expert independent ideas and analysis. Low cost fees and trading.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Stocks & Shares ISA

from Hargreaves Lansdown

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,500+ Funds
  • Invest From: £25 pm

Why we like it: Choose your own funds or alternatively a ready made portfolio. Market-beating savings and discounts of up to 5.5%. No charge to buy and sell funds. Low, tiered annual charges for holding funds, with a maximum of just 0.45% per annum. Free fund updates and analysis from experienced research team. Invest with a financially secure, FTSE 100 company.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

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Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

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The tech industry has been booming for the past fifteen years; and it seems to be a rollercoaster that only goes up. The tech bubble has yet to burst, with companies coming out with more and more technological developments and consumer demand is certainly not slowing down. So, for the tech-savvy investor who wants to put their pennies behind this strong growing industry, we’ve put together our top three picks for Technology Stocks and Shares ISAs. 

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