PLEASE NOTE: As of 1 January 2021, we no longer accept new customers who are resident outside of the UK. This article is therefore only relevant for existing non-UK customers who joined Abundance before 1 January 2021. Existing customers resident the European Economic Area can find more details about the impact of Brexit here.
How do I deposit from a bank outside of the UK?
You can deposit money by bank transfer or by debit card but please be aware that your bank or debit card provider may charge you a fee for an international money transfer or for using your debit card to make a foreign transaction. You can use services like Wise (formally TransferWise) that might be cheaper than using your bank or debit card.
How do I withdraw to a bank outside of the UK?
Please contact Abundance if you would like to make a withdrawal to a non-UK bank account. For Abundance members who signed up for an account before 1 November 2017, it is free to make an international withdrawal. For Abundance members who signed up after 1 November 2017 there is a £5 charge per international withdrawal.
What tax do I owe as a non-UK resident?
We are unable to provide tax information for non-UK based investors. Any non-UK based investment holder who has any queries as to his or her tax position in the UK or elsewhere should consult an appropriate professional adviser.
Current rules from HMRC require that all companies issuing debentures or bonds must withhold a proportion of interest payments equivalent to the basic rate of income tax (currently 20%) and pay this to HMRC directly. Previously Abundance Investment had operated under an exemption, as the majority of our customers are small investors. Therefore, for any investment you make after 6 April 2017, 20% of your interest payments on Abundance will be deducted and paid to HMRC directly. This is the case for both UK and non-UK investors, although in some cases you may be able to claim tax relief. You can find out more information on withholding tax in our Help Centre article on Withholding Tax.