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WILL UK TAX RULES AFFECT OUR MOVE ABROAD?

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Australian residents cannot pay into a UK-based ISA

Wednesday July 2,2008

By Annie Shaw

MONEY MATTERS...

Q We will be moving to Australia in six months. Can we open a cash Isa account and leave it for the full tax year, or do we have to remove the money from the account when we leave the UK because we will no longer be paying tax here?

A HM Revenue & Customs says you can subscribe to an Isa only if you are resident in the UK for tax purposes. Over­seas residents are not eligible to apply for an Isa. However, if you already have an Isa open you can keep it and its tax benefits. You won’t be able to put any more money into it unless you return to the UK and become a resident again.
If you have further queries, contact the HMRC centre for non-residents: 0845 070 0040 or +44 151 210 2222 from abroad.


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