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I have a question… I am a Spanish national married to a UK national and currently living in Madrid after spending more than 6 years in London. I left in 2012. If I tell my bank that I am no longer resident in the UK for tax purposes (having received a letter regarding my ISA), what does this mean in general, for my bank accounts (do I need to close them?) and also for any property I own in London?

 

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    UKtaxadvisor/Expert

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    An ISA can only be opened by a UK resident individual. If you already have one when you leave the UK, you can no longer pay into it but the funds already in there will retain their tax free status. If you are renting your property out, you may still have to pay UK income tax. We have emailed you with further information.

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