ISA account for nonUK citizens

šŸ¤ Help
1

Could someone explain how ISA account/allowance and taxation works?

I am not an UK citizen. Can I use an ISA account to limit the amount of tax I have to pay each year?

Is the standard ā€œtrading212 investā€ account an ISA account?

I am confusedā€¦

2

Hi Elijah,

An ISA (Individual savings account) is for UK residents/tax payers only.

It allows you to deposit up to Ā£20,000 a year which is shielded from tax (including your capital gains - profits).

Depending where your from you may have a similar thing under a different name, for example in the USA they have a ROTH IRA (Individual retirement account).

If you need any help, just ask!

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3

Thanks ChrisJ!

I see, I will have to ask if that exists in Austria. I wont be able to save more than 20k a year anyway, so some tax relief would be great, I will look into that

Have a good year bro, thanks

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