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Overseas client information

Overseas client information

If your client is moving overseas they will need to let us know so that we can update their details. Some of our investments cannot be held in certain countries due to local restrictions. Some products may also be liable for local tax. For detailed information they will need to check the local law or regulations in the country that they are moving to. For some general guidance please see below:

Premium Bonds

Gaming and lottery laws prohibit US citizens from receiving correspondence through the US postal service regarding Premium Bonds. As a result it is not practical to hold Premium Bonds while in the US as there would be no way of receiving and cashing in any prizes. If your client lives outside the UK, they should check whether local regulations permit them to hold Premium Bonds.

Guaranteed Income Bonds

In order to receive the income from the bond, customers are required to have a UK bank or building society account. Income is paid net of tax (at 20%), therefore your clients may be able to claim this back from HM Revenue & Customs, depending on their tax status and the local law or regulations in the country that they are moving to.

Guaranteed Growth Bonds

Interest is paid net of tax (at 20%), therefore your clients may be able to claim this back from HM Revenue & Customs, depending on their tax status and the local law or regulations in the country that they are moving to.

Investment Account

Interest will be added to your client’s account without the deduction of tax. However, interest is subject to UK income tax each year, if your client is liable for UK income tax, and should be included in any return of income they make to HM Revenue & Customs in respect of the tax year in which it is added to their account. 

Easy Access Savings Account

The Easy Access Savings Account requires customers to have a UK bank account which can receive BACS transfers. Also, the cash card supplied with the account can only be used at UK Post Offices and UK cash machines.

Cash ISA / Direct ISA

Your client should inform us if they cease to be resident in the UK for tax purposes. No further deposits can be made into the ISA until the investor meets the residency qualification again.