[Brexit] Action required – we have restricted entry to your accounts

by akoloy



Hello,

I'm an EU citizen and I lived / studied / labored within the UK for about 10 years till 2018. Now I stay and work in one other EU nation. I’ve about £30k in an ISA with Barclays UK within the type of primarily index funds. Back in 2018 after I moved away Barclays stated that I might maintain utilizing the ISA, simply can't maintain paying into it if I'll now not be UK resident. Now it looks as if issues are altering they usually say I need to shut the account ASAP.

They provide me two choices:

  1. Transfer my holdings to a different supplier
  2. Sell my holdings and shut the account

Option 1 could be good as a result of Barclays don’t cost any charges for this and since the property don’t have to be offered (no taxable occasion). Unfortunately up to now I haven't been capable of finding anybody else keen to open an account for me. ISA transfers whereas dwelling overseas aren’t particularly forbidden, however since I'm not a UK resident anymore I can not open a brand new ISA to switch to…

Option 2 means I must pay capital features tax and Barclays charges for liquidating the property.

Has anybody else been in an analogous scenario?

Why are they even providing Option 1 when in actuality it’s unimaginable to do a switch whereas dwelling overseas?

Thanks upfront.

submitted by /u/rocket-science
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