ISAS

Old Oct 19th 2014, 11:33 pm
  #16  
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Default Re: ISAS

I have just contacted TSB. Here it is Current + account 5% interest yes but restricted to £2000. Also you need to pay in £500 per month then use internet banking and paperless transactions. So Missile absolutely correct. But please forgive me this is pennies.

Also yes one can open up an account when resident in the UK and indeed use a UK address (whether is is owned by you or your family is a mute point) However TSB say that if you then become resident in another country (are you Missile) then you should tell HMRC and then TSB deduct tax at source and for the account owner to claim back from the Revenue.

With all due modesty I am not talking about £500 per month. So I enlarged the conversation with TSB to take into account sums very considerable above that threshold. What do you think Missile 0.75% then deduct tax say at 22% if you are resident in Spain how about 0.575%

So Missile excess funds where do they go certainly not to TSB.

Then as the one of the most recent posters points out once resident in another country is is not almost it is impossible to open accounts with banks due to money laundering and the like. Of course you can open accounts off shore in let us say far off lands.
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Old Oct 19th 2014, 11:35 pm
  #17  
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Default Re: ISAS

Originally Posted by Porth
Dear Missile I posted on the basis of taxation - this has developed into 'too lazy' not impressed young man.

A current problem with respect sat behind a screen and do not think before pressing a button.

Thanks for your input and I will now ring TSB and if as you say 5% then fine and thanks if not please be prepared.

Also this account is underpinned by a UK or Spanish address?
You asked for help, don't shoot the messenger when you don't like the answers.

Originally Posted by Porth
I have just contacted TSB. .... But please forgive me this is pennies..
It may be pennies to you <LOL>

Originally Posted by Porth
It is not a huge amount of money
Now you appear to be contradicting yourself and it would help if you had said how much money !!!!!
Originally Posted by Porth
..With all due modesty I am not talking about £500 per month
Originally Posted by Porth
Then as the one of the most recent posters points out once resident in another country is is not almost it is impossible to open accounts with banks due to money laundering and the like. Of course you can open accounts off shore in let us say far off lands.
You did not say in post No1, that you were not resident in the UK. You cannot open an ISA either <LOL>

Originally Posted by Porth
So Missile excess funds where do they go certainly not to TSB.
Put your "stash" under the bed and pay no tax

Last edited by missile; Oct 20th 2014 at 12:07 am.
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Old Oct 19th 2014, 11:45 pm
  #18  
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Default Re: ISAS

You shouldn't open a UK bank account in UK if non resident however I suppose if you need one I.e. retain a property or similar I am sure you could speak with the bank and it would be up to them? If you already have a UK bank account it can be retained. ISA's can be retained but not added to once resident. Of course it is the UK tax that is exempt so you inform Spain of income received as they don't have such a thing as ISA's.
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Old Oct 19th 2014, 11:49 pm
  #19  
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Default Re: ISAS

Originally Posted by Porth
Then as the one of the most recent posters points out once resident in another country is is not almost it is impossible to open accounts with banks due to money laundering and the like. Of course you can open accounts off shore in let us say far off lands.
You or anyone can open a 5% interest account in Gibraltar, ( Not so far off ) but please note the following paragraph:-

Taxation/Exchange of Information for Non Residents
Data Protection Act 2004
If you are not resident in Gibraltar, interest earned on your holding of debentures may be subject to either
withholding tax or exchange of information in accordance with the Taxation (Savings Income) Act 2004 and the
Income Tax (Savings Income) (United Kingdom) Regulations 2006


https://www.gibraltar.gov.gi/images/...ndividuals.pdf
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Old Oct 19th 2014, 11:51 pm
  #20  
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Default Re: ISAS

Originally Posted by Porth
Of course you can open accounts off shore in let us say far off lands.
There are some options for non-UK residents but you need to look around!

BLME were paying 3.5% a few weeks ago for 5 year bonds but offer only 3% now. Still not bad

Conister bank were paying 3.75% last week but now advertising at 3% for 5 year bonds

And I have a 5% investment in something Fred recommended, but I will let him share that if he wishes (or not)

Whenever you see a good offer then act quickly! Anything above 3% nowadays is worth considering
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Old Oct 19th 2014, 11:59 pm
  #21  
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Default Re: ISAS

[QUOTE=cricketman;11444052
And I have a 5% investment in something Fred recommended, but I will let him share that if he wishes (or not)
[/QUOTE]

Beat you

However here is a link to all the information, rather than just to a pdf document

https://www.gibraltar.gov.gi/home/20...ury-department
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Old Oct 20th 2014, 12:24 am
  #22  
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Default Re: ISAS

I am tax resident in the UK after many years in France. In France we faced the same problems for once ensconced you have limited opportunities for opening new accounts.

However and without wishing to expand this thread the tax position in France is marginally better than Spain (thanks Fred for your note) and for those with real money much better in the UK.

Universally we are all trying to get out money to work for us and every penny counts. It is a problem.
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