Jump to content
  • 0

Avoid if you are looking to move abroad


Guest Joz75

Question

Guest 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...

Link to comment

14 answers to this question

Recommended Posts

  • 0
Guest 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.

 

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.






Link to comment
  • 0
Guest 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.

Link to comment
  • 0
Guest 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.

Link to comment
  • 0


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.

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. 

Link to comment
  • 0

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)? 

Link to comment
  • 0

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

 

 

Link to comment
  • 0

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?

Link to comment
  • 0
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

Link to comment
  • 0
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?

Link to comment
  • 0

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 by Dynamac
expand question
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      23,029
    • Total Posts
      95,411
    • Total Members
      43,640
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    garden--of--eden
    Joined 28/09/23 14:16
  • Posts

    • hello, just tried IG sinals Intraday and short term and lost £200 ish.. anyone used them ? any help or feedback ?
    • Dow, Nasdaq 100 and CAC40 struggle in early trading Indices are under pressure again as oil prices and bond yields continue to rise. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 28 September 2023 11:38 Dow eats into Wednesday’s recovery The index briefly slumped to its lowest level since early June yesterday, heading towards the 33,230 level. A rebound from the lows helped to avoid another weak close but the general bearish move remains firmly in place. More losses target the May lows around 32,700. Buyers will be looking for a move back above 33,827 and the 200-day simple moving average (SMA) to suggest that a low has formed. Intraday movement has been capped by the 50-hour SMA over the past week. Source: ProRealTime Nasdaq 100 bounce fizzles The index managed to eke out a small rally yesterday off the lows, but has struggled to push higher in early trading this morning. This has put the price back above the August low of 14,553, so if this holds buyers may attempt to wrest control and drive the index back towards 15,000. A close back below 14,550 would mark a bearish development, potentially open the way towards the June lows at 14,230. Source: ProRealTime CAC40 stuck below previous support After falling just below the 7100 support zone earlier in the week, the index has managed to avoid any further steep losses for the time being. The March lows at 6900 beckon in the event of a fresh drop, while on the upside 7100 could act as resistance in the short-term now it has been broken as support. A longer-term bullish view would require a close back above 7200. Source: ProRealTime
    • Discover how the ASX 200 fared in September and its prospects for a rebound.   Source: Bloomberg   Indices ASX Inflation Interest rate S&P 500 Australia  Tony Sycamore | Market Analyst, Australia | Publication date: Thursday 28 September 2023 09:18 The ASX 200: a look at September's performance A tough September September has once again lived up to its reputation as the worst month of the year for the ASX 200, currently down 3.68% month to date (MTD) with one full trading session left to go. Mixed performance in 2023 The ASX 200's disappointing performance in September follows a losing month in August (-1.42%), which has conspired to see the ASX 200 trading flat on the year (excluding dividends). The Australian bourse has returned a meager 3.5% in 2023 if dividends are included. A return that seems incomprehensible after the ASX 200 leaped from the starting blocks, adding a rapid-fire 6.22% in January on optimism around the China reopening and hopes that the headwinds of rising interest rates and inflation encountered in 2022 were in the rearview mirror: most of which we now know were unfounded. ASX 200 vs. global indices The reopening in China faded soon after, and still, three-quarters of the way through the year remains elusive. Interest rates, particularly at the long end of the curve, have raced higher both domestically and abroad. The jury remains out as to whether central banks have tightened policy enough to bottle the inflation genie. Optimists may point out that the ASX 200 has outperformed in September relative to US indices, given that both the S&P 500 and the NASDAQ are down over 5% MTD. However, that would overlook the fact that an index with a similar makeup to Australia’s, the FTSE 100, with its large weighting of miners, financial, and energy stocks, is on track for a positive month and a positive quarter. ASX 200 sector analysis At a sector level, all 11 ASX sectors appear poised to close lower for the month. The interest-sensitive real estate and IT sectors have been the main casualties, currently down by -6.57% and -5.46% MTD respectively The healthcare sector, representing 10.06% of the index, has declined by -4.58% in September The materials sector, accounting for a substantial 23.8% weighting within the index, has fallen by -3.16% in September The financial sector, comprising 27.1% of the index, is down by -0.37% in September The energy sector, making up 6.3% of the index, has been the best-performing sector this month. However, despite the price of crude oil surging by over 13% in September, the ASX 200 energy sector is down by -0.17% MTD. ASX sector breakdown chart   Source: SPGlobal.com ASX technical analysis The ASX 200 has spent the bulk of this year trading sideways in a range, above year-to-date lows at 6900 and below year-to-date high at 7567, struck in early February. The sideways price action in 2023 appears corrective and follows an impulsive five-wave rally (Elliott Wave) from the October 2022 double low at 6411 to the 7567 high of February this year. With the ASX 200 trading towards the bottom of its range, combined with the S&P 500 cash reaching our 4250/00 pullback target, we turn tactically bullish on the ASX 200, looking for a return to range (7440) highs and possibly year-to-date highs (7567). Stops on the bullish view would be if the ASX 200 were to see a sustained close below 6900, aware that should support at 6900 give way, the risks are for a test of 6750 before the 2022 lows at 6400. ASX 200 daily chart   Source: TradingView   TradingView: the figures stated are as of September 28, 2023. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.         This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
×
×
  • Create New...
us