not ordinarily resident in UK 4 tax purposes + ISA

A question about : not ordinarily resident in UK 4 tax purposes + ISA

:Hi
This is a fairly technical question . I didn't spend more than ninety days in the UK last tax year and plan to return in August 2005, so for last and this tax year I am classed as not ordinarily resident in the UK.
As I am not paying tax, does this mean I can't start an ISA. ??? Had I started one before I left, would I have been able to make a contribution into it ??? I am planning a 3 week holiday to the Uk around Christmas, could I start one up then ???

I have some savings that I am trying to make grow! so any advice as to what I can do as I am abroad would be much appreciated!
thanks ;D

Best answers:

• I believe you are only eligible for an ISA if you are a UK resident in that tax year. As you going to have been abroad for more than one complete tax year and have spent less than 91 days in the country then I don't think you qualify for this year's ISA allowance. Sorry
• I don't know the answer to your question, but I do know there is a difference between "resident" and "ordinarily resident." You can be "resident" but not "ordinarily resident." I don't know what constitutes the difference.
  You mentioned "ordinarily resident" while "bonecold1" said "resident". So I would not assume without further information that the answer applies to you, though my guess would be it does.
• I wouldn't class this as definitive but I think
  To be resident in the UK for a tax year you have to be present in the UK for 183 days or more in a tax year.
  To be ordinarily resident you have to make substantial annual visits to the UK of 91 days or more for four or more consecutive years (including that tax year)
  As you are neither resident or ordinarily resident I don't think you qualify. Maybe worth a try though.
• why don't you apply for the ISA.
  wORST THAT CAN HAPPEN IS THAT YOU'LL HAVE TO PAY TAX ON THE INTERESt.
• you have to resident and ordinarily resident. I did a quick read of an ISA T&C to confirm that.
• ;DThank you DD for checking that out for me. I'm actually in Japan at the moment, and although the Japanese yen is very strong - there seems to be no high interest saving accounts available here! aswell as the mountain of paperwork it would involve!
  Thanks again
• Why don't you just open a regular savings account, since you aren't paying tax? Cahoot pays 5.5%, which is more than any ISAs at the moment -- and almost certainly more than you could get anywhere in Japan, with their nil base rate right now.