Uk Isas And Thai Residence

[Eff1n2ret]

I have a few cash and shares ISAs taken out when I was still resident in the UK. Will it make any difference if I notify the providers of my current address in Thailand?

I vaguely remember when making the original investment that such schemes are only available to UK residents, but I'm hoping that the tax-free status doesn't lapse because you move abroad.

[garrfeild]

The answer to that is unless you have a UK residential address you cannot hold UK ISAS of any kind be it shares or cash. I tried opening an cash ISA with my UK bank but was refused. because I don't have a UK address anymore.

Your choice is tell them and the ISAS may be canceled, or you can move them offshore but then they would not be ISAS anymore. Depending on the amount it might not be worth moving it offshore. It might be an idea to change your address in the UK to that of a family member or trusted friend.

Also you have to consider how long you will be staying away from the UK. If you have no intention of returning, the offshore route would be worth considering (depending on the amount) if its only for a few years, then an alternative address in the UK is the way to go.

[Eff1n2ret]

Thanks for your reply. It's quite clear that you can't invest in ISAs if you haven't a UK address, but since originally posting I've been poking around on the internet and found a reply on a 'FAQ' website thus:-

"I am moving to France, can I keep my ISAs (stocks & shares and cash), and still add to them each year?

The rules regarding this are the same for stocks & shares ISAs and cash ISAs, and do not differ according to the country you will be moving to. If you cease to be a UK resident, you can no longer add new money to your ISAs. However, you do retain the tax benefits of ISAs that are already open, so don't close them!"

- which I think pretty much answers my question.

[wordchild]

Thanks for your reply. It's quite clear that you can't invest in ISAs if you haven't a UK address, but since originally posting I've been poking around on the internet and found a reply on a 'FAQ' website thus:-

"I am moving to France, can I keep my ISAs (stocks & shares and cash), and still add to them each year?

The rules regarding this are the same for stocks & shares ISAs and cash ISAs, and do not differ according to the country you will be moving to. If you cease to be a UK resident, you can no longer add new money to your ISAs. However, you do retain the tax benefits of ISAs that are already open, so don't close them!"

- which I think pretty much answers my question.

That is my understanding also you are fine to retain whatever ISA you have however you cannot make new contributions as a non resident. But If you intend to remain non-res in Thailand long-term you should seriously consider what the point is of having an ISA anyway

[GuestHouse]

That is my understanding also you are fine to retain whatever ISA you have however you cannot make new contributions as a non resident

.

Correct.

But If you intend to remain non-res in Thailand long-term you should seriously consider what the point is of having an ISA anyway

Also correct - While ISAs are tax efficient for UK residents they usually carry relatively heavy fees or offer relatively low interest rates. If your income from the ISA holding doesn't go over your annual tax allowance (which you will still have despite living overseas) then it might be worth considering moving your funds out of ISAs and using your income tax allowance to take care of the gains.

However, be careful if you have significant ISA holdings and believe you might one day return to the UK - You can only reinstate into ISAs at the allowable annual rate.