Hi
My query is partly academic but I have been exposed to an unusual situation.
My intention was to invest in Cash ISA for the year 6APR18-5APR19 but I left everything until the last moment and I initiated a same day fund transfer on the last day of the tax year i.e. 5APR19. The Building Society assured me as long as funds are received by 4PM I am safe.
Apparently the funds were received the next day 6APR19 and the Cash ISA investment has been made for the year 6APR19-5APR20.
I am aware ordinarily only a UK resident is eligible to invest in ISA.
There is a possibility I will have to move out of the UK for the remainder of the year and may become a non-resident. (I know if I am present in the UK fewer than a certain number of days I become a statutory non-resident, then residency is based on past 4 years residency and ties to the UK etc, and in excess of 6 months then statutory resident). There are certain tax advantages for becoming non-resident.
Can this Cash ISA investment make me automatically a UK resident for tax purposes regardless of any other criteria?
Or, residency status may not be established until the end of the year - what happens to the ISA investments made during the year before residency status was established?
Regards
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