Raquel

Hi everyone,

I'll be leaving UK in three weeks time to start a new life in NZ,with job offer (from NZ employer)...My question is: Can I keep my ISA with my bank in UK if I don't pay taxes anymore?

I'm not interested in changing my pounds into NZ dollars, unless I need the money to buy a hose or flat there...but I still want my savings to give me some interest at the end of each month. Cheer

Persephone

Hi
I am waiting for the Inland Revenue to get back to me on that very same question! So if I get a chance to get back on here tomorrow after they've rang me back then i will post the answer- currently no internet at home so using the library!

Sue

Raquel

Chhers Sue I appreciate that. Keep in touch

pumpkinlou

Hi Raquel,

a bit of your post tickled me. I'll lend you my hose if you need to water your garden

Seriously. That is a very good question that we hadn't even thought of, so I look forward to reading the replies.

Regards

Lou
xx

drrobert

Check the terms and conditions on your ISA. Mine (Yorkshire Building Society) says that I can keep my ISA if I become resident abroad, but that I can't add any more money to it.

You can invoke the 4-year foreign income tax exemption if you are a new NZ resident and haven't invoked it before, so you don't need to declare your UK ISA earnings for NZ tax until this period expires.

Persephone

Hi Raquel
I spoke to the Inland Revenue this morning when they finally bothered to phone me back:curse:

I was told that if I became resident overseas then I could no longer gain interest tax free from an ISA. I would have to move it to a normal savings account and pay the usual 20% tax. Though there are some quite high savings accounts around nowadays so not all bad!
I'll look at transferring my savings over when the exchange rate gets a bit better
Asked a few other questions but don't think they'd be relevant to anyone else really. Did find out that you don't have to wait until the end of the tax year to reclaim tax, you can do it anytime if you're not planning on working in the UK for the rest of that year

Sue

teebrown

ok daffed question coming up...........can anyone claim a tax rebate when leaving the UK, my husband is full time and I work part time and we are hoping to fly out end of Feb next year? and if so how do you claim?

Persephone

I intend to claim for one, but will ask the IR how to do that nearer the time. I presume they would just want your P45 and some sort of form filling in. I will have only worked for about one and a half months in this tax year so shouldn't even have reached the personal allowance threshold but have paid tax under PAYE.

I suppose you should still be due some tax back as they work out your tax code for the whole year so the tax bill is spread out over 12 months.

Hope this helps
Sue

ScottyD

Anything to do with the taxman is difficult as everyones circumstances can affect how you do things, but I've spoken to the inland revenue and they have told me that if you are a regular PAYE employee you can submit a claim for your rebate as soon as you know you are going and have an end date at work and your P45.

If you submit a self assessment return you will have to wait until the end of the tax year before you can claim your rebate as it will be calculated following submission of your tax return.

Obviously the closer it is to the end of the tax year the less rebate you will be eligible for, the forms are on-line and there's some info on www.directgov.uk about it.
I think it also has info about your savings etc too, I'm sure I've read something about registering as an overseas account holder and being able to receive interest on your savings tax free, not that the bank will tell you this I'm sure....

Raquel

Thanks for your emails...I' m not intending to become a resident in NZ at the moment...I mean, I'll live there but on a temporal visa only...So, I spoke to my bank today and they assured me that I wouldn't not have any problem to keep my ISA, although I wouldn't be able to add extra money on it...So, I'm a bit confussed now...
I'm not intending to change my pounds into NZ dollars, as the exchange rate is quite poor at the moment...but you never know how much worse it can get
Any other extra information will be welcome. Cheers