Avoid if you are looking to move abroad

[Joz75]

I have moved to Switzerland and I just asked IG if I could keep my accounts with them. They disabled my online access and told me I could only close my positions... by phone. Also their responses were various (from "As you were a tax payer at the time you opened your ISA account you would be able to hold the account and you are free to trade with the proceeds that are within the account already" to "it is a regulatory requirement" response to why I couldn't close my positions online). Basically, after years of being their client they do their best to make it hard for me to use their services. Anyway. IB has much more helpful and knowledgeable staff...

[FiXXXeR]

This is worrying, as I am looking to do the same thing.

 

I was advised the following by Rebeckah H in customer support:

Hi there

If you open an ISA in the UK and then move abroad, you can’t put money into it after the tax year that you move.

You must tell your ISA provider as soon as you stop being a UK resident.

However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it.

You can pay into your ISA again if you return and become a UK resident.

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If this is NOT the case then IG you really need to clear this up for your clients. There is no regulation or law that I am aware of that states we cannot trade from our existing ISAs outside of the UK.

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[FiXXXeR]

Bumping, as I'm looking to get an official response please on keeping and trading an ISA after moving abroad.

[nandou]

Can someone from IG confirm whether IG platform could still be used when one moves abroad? Is it possible to change postal address to one abroad? Much appreciated.

[FiXXXeR]

I changed my address no problems after moving abroad; I think I just did it in my account. You can only keep trading in an ISA however, not a normal trading account (though mine was never actually closed). 

 

Just be aware that if you contact IG not all staff are aware of the fact that you can keep an ISA going - so if you hit any resistance ask to speak to somebody else.

[JamesIG]

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wrote:

Can someone from IG confirm whether IG platform could still be used when one moves abroad? Is it possible to change postal address to one abroad? Much appreciated.

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Hi  - This will really depend on the account type that you have, and where you are moving to. For example if you have a spread betting account but move to Australia, different rules would apply as apposed to say, having an ISA and moving to Canada. It will also depend on how long you are moving for as short term secondments can sometimes be processed differently. Please get in contact with us with the specifics and we should be able to assist. 

[OChe]

Has it been clarified in the meantime what procedure applies to ISA or share dealing account holders who move abroad? @JamesIG is there anywhere one can read the exact applicable wording (eg if moving to a European country, can it only be EU or else one has to close the account)? 

[AndaIG]

Hi @OChe

Thanks for the question. 

The actions that we take depend on the country that you move to. ISA regulations stipulate that you can keep the ISA. However as we are not able to offer execution in some jurisdictions we are forced to take actions that supersede the regulations.

If a UK client moves to the EU our set up is such that we are not permitted to offer execution services. Therefore the following actions would apply:

Share dealing: You would need to instruct a transfer out within 30 days or positions would be closed and we would look to remit the funds.

ISA: You can elect to transfer out (other brokers may be permitted to provide execution in the EU), otherwise positions will be closed. While positions are closed you can keep the funds with us but you would be blocked from further funding or trading. This would allow you to avoid losing the tax wrapper benefit. 

For moves to counties other than the EU the following would apply:

Share Dealing:

UK to Australia: It is easier to open a share dealing account with the Australian office, the UK one would be closed after the shares are moved across. 

UK to Gibraltar or Channel Islands: We only need to confirm tax residency but you can maintain the account

UK to any other country: As you would be moving to a tax residency where we cant offer Share Dealing you would need to transfer out.

ISA: 

For most countries besides the EU you can keep the ISA and continue to trade with the existing funds. However you will be prohibited from further subscriptions i.e. adding funds.

The exception to this is a move to the US. Due to restrictions and what we can offer you would either need to transfer out or positions would be closed. 

Hopefully this provides some clarity. 

All the best, 

Anda

 

 

[Jinny]

Hi, I just moved to Singapore from the UK and your helpdesk just told me that it is not possible to keep my ISA account and that I have to close all my positions!  Is this true?  Based on your last comment, it seems like I should be able to keep my ISA as long as I don't add funds, which is fine by me.  Asking me to close my positions forcefully is asking me to take a massive loss due to the markets being in a slump!  Also, if keeping my ISA account is not possible, can I at least transfer them to another ISA provider that is willing to accept the transfer?

[ArvinIG]

11 hours ago, Jinny said:

Hi, I just moved to Singapore from the UK and your helpdesk just told me that it is not possible to keep my ISA account and that I have to close all my positions!  Is this true?  Based on your last comment, it seems like I should be able to keep my ISA as long as I don't add funds, which is fine by me.  Asking me to close my positions forcefully is asking me to take a massive loss due to the markets being in a slump!  Also, if keeping my ISA account is not possible, can I at least transfer them to another ISA provider that is willing to accept the transfer?

Hi @Jinny,

Singapore office does not offer Share dealing account, therefore we won't be able to transfer your shares over. Please reach out to helpdesk.uk@ig.com for further details on keeping an ISA without adding funds.

If you wish to transfer your shares out of IG you can follow the steps on this link:
https://www.ig.com/uk/help-and-support/investments/transferring-investments/how-do-i-transfer-my-shares-or-isas-from-ig-to-another-broker

All the best - Arvin

[Jinny]

3 hours ago, ArvinIG said:

Hi @Jinny,

Singapore office does not offer Share dealing account, therefore we won't be able to transfer your shares over. Please reach out to helpdesk.uk@ig.com for further details on keeping an ISA without adding funds.

If you wish to transfer your shares out of IG you can follow the steps on this link:
https://www.ig.com/uk/help-and-support/investments/transferring-investments/how-do-i-transfer-my-shares-or-isas-from-ig-to-another-broker

All the best - Arvin

Thanks Arvin.  I am not too fussed about share dealing account.  I just want to keep my ISA without being forced to close my positions.  I have emailed helpdesk about this and they're the one who is adamant that I can't even keep my ISA and must close out my positions and close my account!  Can you please verify this?

[AndaIG]

Hi @Jinny

We have just confirmed with the credit team. You are fine to keep your ISA. You will only be prohibited from adding funds. 

All the best, 

Anda

[Dynamac]

Does this apply for New Zealand too?

Also, will you continue to allow transfer in and out? Thanks.

On 05/04/2022 at 11:36, AndaIG said:

Hi @Jinny

We have just confirmed with the credit team. You are fine to keep your ISA. You will only be prohibited from adding funds. 

All the best, 

Anda

 

Edited August 8 by Dynamac
expand question

[AndaIG]

Hi @Dynamac

Yes you should be fine to keep your ISA, no further subscriptions will be allowed. You can transfer out, but not in. 

All the best, 

Anda

[Dynamac]

Can I ask why is transfer in is not allowed? Government ISA rules still allows for transfers as non-resident.