Contributing to UK ISA after moving abroad - Community Forum (2024)

Contributing to UK ISA after moving abroad - Community Forum (1)

PostedSun, 07 Jan 2024 00:23:51 GMTby

I relocated from the UK to Australia in September 2023. I still hold a stocks and shares ISA in the UK. According to the Statutory Residence Test, I am a UK citizen for the 2023-24 tax year. The HMRC ISA "if you move abroad information" here (https://www.gov.uk/individual-savings-accounts/if-you-move-abroad) states I “cannot put money into it after the tax year that you move”. Does this mean I can continue to make contributions while in Australia until 5th April 2024?Also, on the link it states “You must tell your ISA provider as soon as you stop being a UK resident.” Am I still considered a UK resident until 5th April 2024 based on the Statutory Residence Test?Thanks

Contributing to UK ISA after moving abroad - Community Forum (2)

PostedWed, 10 Jan 2024 16:08:57 GMTbyHMRC Admin 10

Hi
You cannot put money into an ISA after the tax year that you move.
This means that you can still put money into the ISA in the tax year that you move. You need to be resident in the UK to open a new ISA.

Contributing to UK ISA after moving abroad - Community Forum (3)

PostedThu, 11 Jan 2024 10:11:07 GMTby

Thanks. I believe I I am a UK resident for the tax year based on the Statutory Residence Test. On the link it states “You must tell your ISA provider as soon as you stop being a UK resident.” Am I still considered a UK resident until 5th April 2024 based on the Statutory Residence Test? And therefore can make my ISA provider aware I've stopped being a UK resident on 6th April 2024?

Contributing to UK ISA after moving abroad - Community Forum (4)

PostedTue, 16 Jan 2024 12:00:04 GMTbyHMRC Admin 10

Hi
The statutory residence tests are to determine residency for income and capital gains tax purposes only. The fact you were resdient in the UK in the tax year 23/24, means that you can pay into an ISA until 5 April 2024.

Contributing to UK ISA after moving abroad - Community Forum (5)

PostedSat, 09 Mar 2024 09:37:41 GMTbyPhoebe Wilson

What if you have a junior isa but you have moved abroad. Can their grandparents who are still residents in the UK continue to contribute to their account?

Contributing to UK ISA after moving abroad - Community Forum (6)

PostedTue, 12 Mar 2024 14:35:55 GMTbyHMRC Admin 8

Hi,
As you have moved abroad, you can no longer contribute to the ISA after the end of the tax year that you moved.
No-one else will be able to contribute to it either.
You can still keep your savings in the ISA and get tax relief on money and investment held in it.
Thank you.

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Contributing to UK ISA after moving abroad
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