UK citizens - US residents invoked ISA (change in
This is to all the British in the house living in the US;
I received a letter from Halifax Bank UK informing me they were invoking my ISA account because I reside in the US and the US regulations has changed whereby restricting investments by US residents who are UK citizens and I have been given a couple of options either to sell all my shares or find another bank to transfer my shares. Now I don’t think a transfer is an option if it is a US regulation so I am thinking of selling and paying it into another of my UK account but I would lose my tax benefits if I transfer it to my current account hence the second option.
They also need proof of ID on my original documents which has to be signed by a UK citizen (lawyer or chartered accountant) who resides here or someone who works in a UK bank in the US or a non-UK citizen but has to be a lawyer or chartered accountant in the country of residence, what a hassle!!
Please have any of you come across this issue as I would like to hear your opinion/suggestions/solutions on this. Thanks.