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I am Not British-Can I Open An ISA

by Jim ONeil on May 17, 2011

in ISA's Individual Saving Accounts

Reading over the HMRC website can easily create confusion on this point. I actually had to read it over several times before fully comprehending all of its points, so I completely understand your frustrations on this matter.

After reading it fully, however, we do indeed have an answer for you.

In order to open ISA accounts, you must reside in the UK full time. Even those that hold citizenship elsewhere are permitted to take advantage of ISAs as long as they are now full time residents of the UK. The lingo is a bit confusing as it actually states a person must be a “resident and ordinarily resident in the UK for tax purposes.”

Our take on this is that someone working temporarily in the UK would not be permitted to open the account as they have no intention on remaining in the UK. Contract workers are a perfect example of this category.

It is also important to note that if for some reason you move out of the UK during a tax year, you are no longer permitted to contribute to your ISA. However, once a person returns home and re-establishes their residency, they can once again add to their account.

We will once again point to someone who leaves the UK on a contract job for a specific period of time, but then returns home to reside in the UK.

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