Planning on moving to another country

I’m planning on moving to another country next tax year, as I have an ISA will I be able to keep it but not deposit into it (can’t subscribe to ISA next tax year) or will I have to sell off everything and move it into invest?

Thanks

You can keep your ISA, but if the country you move to has residence-based taxation (as most countries do) you will have to start paying local taxes on dividends received in the ISA. The tax free nature of an ISA protects against UK tax only.

Where are you going? North Korea?

So I might as well move it out anyway?

I already read that but HMRC don’t like to make things easy to understand. My partner who works for them couldn’t even explain it clearly for me.

I would say do not move it out if you plan to return to the UK someday and again become liable to UK tax. Just leave it dormant and pay the dividend tax in your new country if required. But if you are leaving and will never return then it would be best to sell up before you leave.

Highly likely I won’t come back, honestly. Unless work dries up 🤷 but if that happens I already have a plan which would set me up anyway that I want to start in the next couple of years.

Not to mention it’s an area with no CGT :moneybag::moneybag:

I had assumed that was the old HMRC page on ISAs that I’ve read and doesn’t explain properly. Checked now and it’s the new page that explains it clearly 🤦

So I can keep it open, it protects everything inside from UK tax(but not necessarily tax from the country I move to) and I just can’t deposit money into it in the next tax year.

That being said, not sure I really have enough in it to make it worth keeping it open as I won’t be able to renew the subscription next year and I probably won’t be ramping up my investments until next year.