What happens if I move abroad?
If you are no longer a UK resident, please let us know by contacting us either through the in-app chat, or by email to support@moneyboxapp.com, and a member of the team will be able to guide you through the next steps for your account.
Typically, you’ll need to be a ‘UK resident for tax purposes’ in order to make contributions into your Moneybox account(s).
If you leave the UK, and the RDR3 Statutory Residency Test (SRT) deems you a UK resident for the remainder of the current tax year, then you can continue to contribute to an ISA (including a Lifetime ISA) as normal for the remainder of the current tax year. If the test deems you a non-resident, then you would need to stop contributing to your ISA.
For our cash savings accounts (Notice Accounts, Simple Saver and Reward Savings Account) and General Investment Account however, this is not the case! Although you will need to be a UK tax resident when opening the account, you can continue to contribute to those accounts as normal should you move abroad, providing the funds are still coming from a UK bank account registered in your name.
Even if you’re not able to contribute, you can continue to hold your accounts with us as normal! You’ll continue to earn interest and/or be subject to investment gains/losses as usual. Please note that, for our investment products, you’ll still be charged our regular account fees.
The only exception to the above is if you move to the United States, as unfortunately we’re not able to provide our services to US citizens (including dual citizens) or those who pay tax in the US. In these cases, you would need to close your Moneybox account.
Please also note that, for the Lifetime ISA specifically, HMRC rules also state you can only use your LISA towards a first property purchase within the UK, meaning you wouldn’t be able to use these funds to purchase your first home abroad without incurring the 25% government penalty. In addition, if you were to use your funds for retirement, your funds may be subject to the relevant tax rules of the country you’re residing in.
