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For Those Who Work In Banking

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Dick Dastardly
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2008/05/18 05:44:23 (permalink)
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For Those Who Work In Banking

I've been living out in Dubai since early this year and i haven't been back to the UK. I keep trying to cancel my ISA as i've been told you can't have one unless your a resisdent of the UK. Problem is they keep telling me i need to go to a branch to do it. They've apparently tried sending a letter to Dubai a few times for me to sign and send back but i am yet to receive one. I transferred all the money that was in there to another savings account when i got here so there's nothing in it anymore. Should i be able to cancel it over the phone due to extenuating circumstances as i'm not planning on returning to the UK until xmas really.

 PB's 1RM

Deadlift 270kg      
Bench   140kgx2 New PB as of Nov 16 woo!
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#1

5 Replies Related Threads

    Ash The Man
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    RE: For Those Who Work In Banking 2008/05/18 06:39:18 (permalink)
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    ORIGINAL: Dick Dastardly

    I've been living out in Dubai since early this year and i haven't been back to the UK. I keep trying to cancel my ISA as i've been told you can't have one unless your a resisdent of the UK. Problem is they keep telling me i need to go to a branch to do it. They've apparently tried sending a letter to Dubai a few times for me to sign and send back but i am yet to receive one. I transferred all the money that was in there to another savings account when i got here so there's nothing in it anymore. Should i be able to cancel it over the phone due to extenuating circumstances as i'm not planning on returning to the UK until xmas really.


    Keep it open with nothing left in it if you can?
    #2
    odyysey
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    RE: For Those Who Work In Banking 2008/05/18 08:40:03 (permalink)
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    They need written authority mate, (specimin of signature), and they won't close without it. As mentioned before, keep it open with nothing in and you'll forget about it before to long and the bank will "deactivate" it. When/if you return simply walk into a branch with photo ID and "reactivate".

    If you really want it closed then ask to raise a concern with the bank and they may be prepared to send you a letter on international signed for service how ever some banks charge you for that service, some don't.

    I'm here to attain not maintain
    #3
    Rosc0PColtrane
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    RE: For Those Who Work In Banking 2008/05/18 09:53:15 (permalink)
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    I'd be inclined to leave it open with nothing in it. The aco**** will go dormant and they'll just close it after a while, maybe a year or so. Did you not set up a power of attourney for while you are away?

    The only downside to not closing it is that by having something in the UK (bank account, house, plot of land to bury you), you are still considered to be domiciled in the UK. Should you pop your clogs, you'd still be liable for Inheritance tax. Though that's only a concern if you have more than 300k of assets. If not. Let it go dormant.
    #4
    Dick Dastardly
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    RE: For Those Who Work In Banking 2008/05/18 10:02:02 (permalink)
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    didn't do the power of attourney as i only had 3 days notice to fly out here and was a bit rushed sorting other stuff out, totally forgot about the ISA. I don't have 330 pounds worth of assets let alone 300k lol. Thanks for the advice guys, the thing that was bothering me was that a mate had said he reckoned it was illegal to have an ISA if i wasn't residing in the UK.

     PB's 1RM

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    Bench   140kgx2 New PB as of Nov 16 woo!
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    #5
    Mouser
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    RE: For Those Who Work In Banking 2008/05/18 10:26:19 (permalink)
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    Get them to fax you the form and post it back, easy enough.
    #6
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