Change country EU to UK

🤝 Help
1

Hi everyone and T212 team,

What happens if we change country from EU to UK ?
I am referring to the Investment account that we have. Is it possible to transfer to ISA Investment account ?

Thanks

2

You can open an ISA account and transfer funds over if you meet the requirements to do so, however there are no stock transfers into an ISA so you will have to liquidate everything and pay your relevant taxes first.

3

That is pretty bad. Losing the good entry point to open an ISA account. I dont think I would close my account.

4

ISA’s only protect money deposited from taxation, that’s how the rules go. since you bought in a normal account you are aware that sales mean taxes. transferring those shares into an ISA without selling is considered tax evasion, hence why it’s not allowed.

5

So is it possible to open an ISA or LISA account and keep the other account ?
Or just get another broker at the end if not possible.

6

absolutely. there is no restriction to your other accounts besides only using 1 active stocks and shares ISA each tax year, and depositing no more than £20,000. its great to make use of the ISA while in the UK and then if you leave and can’t use it anymore, all those profits can withdrawn tax-free. none of the losses are deductible from your allowance for CGT however to off-set notpaying taxes on the profits made inside.

1 Like
7

Thanks Dao for answering.

8

when making the ISA, if you choose to do so with T212, contact them via support ticket for any queries or issues that may happen due to moving et cetera as you would normally.