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:
- Transfer my holdings to a different supplier
- 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?