The Lemon Fool

I was always told that we do not have to declare our ISAs to HMRC, but I think I heard stories where people received warnings from HMRC for using more than their ISA allowance. I may be wrong though.

So does HMRC collect and store your ISA info?

The reason I ask is because it's getting close to deciding where to live when I do my Reginald Perrin. My wife wants to live in France, Poland or Italy - all places I've lived and worked.

My ISA brokers have my UK address in the same village where I grew up and still have relatives - hence the ease of maintaining an address there. I am squeaky clean when it comes to taxes. The HMRC are the only people who know that I'm not always in the UK and they seem to know me quite well.

But if we retire somewhere else, I will have to start calculating if it's worth it. The ISAs will no longer be tax free.

If the foreign tax authorities use my N.I. number to obtain info on me via the CRS, will the HMRC be able to give them the info about my ISAs, even if my address for the ISAs is in the UK?

If so, then I think I will take Lootman's advice and gift the lot to my kids!

Steve

PS I have no wish to break any foreign tax laws, but either I pay exorbitant Euroland tax, UK IHT or give my kids a nice surprise!

ISA managers do have to submit annual returns to HMRC. This link sets out what details are revealed!

https://www.gov.uk/guidance/returns-of- ... a-managers

Big brother is watching!

scrumpyjack wrote:ISA managers do have to submit annual returns to HMRC. This link sets out what details are revealed!

It's enough data to identify the holder along with the amount subscribed in the tax year and the market value at the end of the year. So potentially it could be used for a wealth tax by a foreign government but not an income or gains tax. If you don't live in the UK, no additional contributions can be made, but the existing ISA can continue without any UK tax liability.