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Keeping ISA Account After Moving to Australia From UK


Monkhouse95

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Hi All,

 

I'm expected to move to Australia in July and have an ISA account with IG. Looking around it sounds like I can keep my ISA account here in the UK, my only limitation is that I wont be able to add any further funds to the account.

I've spoken to a few people at IG helpdesk and I keep getting different answers, some advise I'd have to close my account immediately and sell all positions before moving to Australia (which would be a massive pain) and others have said I will have no issues keeping my account and advised I just wouldn't be able to add further funds or buy new positions. I would however be able to carry on holding and sell any positions at a later date.

Has anyone had any experience with this or can someone from IG give me a definitive answer because it's becoming very stressful now!

Thanks in advance

Jack

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5 hours ago, Monkhouse95 said:

Hi All,

 

I'm expected to move to Australia in July and have an ISA account with IG. Looking around it sounds like I can keep my ISA account here in the UK, my only limitation is that I wont be able to add any further funds to the account.

I've spoken to a few people at IG helpdesk and I keep getting different answers, some advise I'd have to close my account immediately and sell all positions before moving to Australia (which would be a massive pain) and others have said I will have no issues keeping my account and advised I just wouldn't be able to add further funds or buy new positions. I would however be able to carry on holding and sell any positions at a later date.

Has anyone had any experience with this or can someone from IG give me a definitive answer because it's becoming very stressful now!

Thanks in advance

Jack

Hi @Monkhouse95,

Thank you for your post. 

If you have a Share trading account the below applies:

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. 

For an ISA account the below applies:

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. 

For further information it would be best to reach out to helpdesk.uk@Ig.com or call 0800 195 3100.

All the best - Arvin

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