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How to invest back in the UK


sugarfree

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Good morning from sunny Strasbourg.

I'm 42 and have been living in France for 8 years now.  Ideally, I would like to remain here for another 18 years, at which stage I intend to retire (at age 60) and return to the UK.  Over the next 15 years or so, I would like to invest about 10% of my salary every month in the stockmarket back in the UK.  My plan was to invest in something simple like Exchange Traded Funds, and to just buy and hold.  Once living back in the UK as a retiree, I would then sell these as and when I needed the money, making use of my capital gains allowance (currently around £8,000 per year).

I have, however, run into a problem.  Although domiciled for tax purposes in the UK, as a non-UK resident none of the British on-line sharedealing services I have contacted are prepared to let me invest through them.  It's not as if I'm trying to pay into an ISA or a personal pension (neither of which, I realise, is available to me as a non-resident).  I  just want to buy some stocks & shares and keep them until I'm in my 60s and living back in the UK.  I don't intend to sell them before then, so there would be no tax liability until I'm a UK resident again. 

Here in France I do have a PEA (plan d'épargne actions), in which I have invested a very small sum.  I'm reluctant to keep paying into this, though, because I recently discovered from my bank (the Société Générale) that as soon as I cease to be resident in France, I have 2 options:

1. Sell all the holdings immediately and benefit from the tax-saving effect of the PEA.

2. Close the PEA and transfer all the holdings to an ordinary "compte titre", in which case the tax-saving effect is lost.  The shares would lie there in my French bank account until I chose to sell them, at which point I would no doubt have to get embroiled in tortuous dealings with the French tax authorities. Not a prospect I relish - I would rather deal with Her Majesty's Customs & Revenue. 

Selling the holdings wouldn't be a problem if I knew for certain when I was going to be leaving France, as I could time it so that I sold when the shares were doing well.  The fact is, however, that I don't know for certain when I'll be leaving.  There is considerable uncertainly about the future of the organisation I work for and I could well find myself back in the UK looking for a new job in 5 years' time.

Does anybody have any ideas about what I should do?  Or know of a way I can buy shares back in the UK?  I do have a UK address I can use (my Mum's!) and from talking to HM Revenue and Customs, it appears that they have no problem with me investing in funds, etc. back in the UK.  It's just that every sharedealer I contact has a clause about the service being for UK residents only!

Sorry this is so long and rambling.   Any advice would be greatly appreciated.

 

 

 

 

 

 

       

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If you are a UK tax payer, then you are officially non resident in france, and therefore should not even have a PEA, as this is only available to those that pay their french taxes; like for the codevi etc!!
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Hi.

I don't actually pay tax at all.  I work for an international organisation and our salaries our tax-free. My bank, the SG, is fully aware of my status here in France and had no hesitation in opening a PEA and a Codevi for myself and my husband (whose salary, such as it is, is also tax-free). 

I do, however, complete a French tax return every year.  Because our salaries our tax-free, though, we have never actually had to pay any tax.

 

 

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[quote user="andyh4"]Not to mention the European Parliament, European Court of Justice (both in Strasbourg) and some UN organisations I believe.[/quote]

Or in Brussels, or both, depending on what week it is. Oh to have the travel expenses never mind the salary !!!!!!

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