TAX FREE SAVING - ISA's and Expat's
How does an ISA work for Expat's
Build Up Your ISA
A UK tax resident can saving £15240 per year into an ISA.
This can be invested in bank deposits, national savings, shares, funds, corporate or government bonds. They can also be used for life or sickness insurance and pay out tax free sums to beneficiaries.
Hold On to your ISAs
The investments grow free of income and capital gains taxes. Withdrawals can be made at any time penalty free.
When you leave the UK and pay tax overseas you can keep the ISA but not add any new capital to it; unless and until you return to the UK as a tax resident.
Hold onto your ISA for Tax Free Savings
Transferring ISA's becomes more complicated, because an ISA provider can have its own conditions that limits their suitability to you. But in theory you can transfer your ISA to another at any time for access to more appropriate savings options for you. Holding funds that grow in value, rather than pay interest can often lead to big tax savings, up to 30% for Cyprus tax residents.
Living and Working Abroad - Top Tips for Tax Free Saving ISA's
So you are an Expat what happen's?
1. Hold the ISA for Tax Free Savings in the UK.
2. You may have a tax liability in your country of residents.
3. Keep the shelter as long as it meets your needs, for a rainy day, supplement income, gift to grandchildren or children.
4. Top up you ISA savings if you return as a UK tax resident.
5. If you die your spouse or civil partner can inherit your ISA within the ISA shelter, make sure you specify this when you Make a Will
6. The lump sum value of your ISA on death is income and capital gains tax free. But the ISA is part of your Inheritance Tax calculation and must be declared in full in probate tax clearance.
ProACT Partnership - Tax Saving Experts
Look Forward Never Back : A Daily Pursuit of Perfection in What We Do
TAX - BUSINESS - WILLS & ESTATES - IMMIGRATION - PROPERTY SERVICES
ProACT Private Client Expatriate Advice Services for professionals, business and the retired
living and working abroad, relocating overseas, investing offshore.
OFFICE TEL: +357 26 819 424 - Cyprus Time Monday to Friday 8am -2 pm
RECEPTION TEL: +44 1753 27 2116 FAX: +44 1753 27 2001 -
ProACT CONNECTIONS - Get Social * Click the Link - Stay Connected
Free Newsletter for Expats http://www.proactpartnership.com/free-newsletter-tax-saving-tips
Contact Us Free Review !! http://www.proactpartnership.com/free-review-ask-expat-experts
ProACT Website http://www.proactpartnership.com/
Expat Experts Blog http://www.proactpartnership.com/expat-expert-blog
Tax Saving Blog http://www.proactpartnership.com/tax-saving-blog
Facebook Expatriate Tax Saving https://www.facebook.com/ProACTExpatriateTax
Twitter @ProACT4Expats https://twitter.com/ProACT4Expats
ProACT Partnership - Expatriate Advice - Tax Saving Expert