International investment platform Novia Global today (29 January) launched its own Stocks and Shares ISA to address the issue of expats’ savings being left in “suspended animation”.

‘Suspended animation’ is where UK expats invested in ISAs can no longer add additional funds, and any gains / income derived from the ISA could be subject to tax in their country of residence.

Novia Global said the offering is intended to help plug a significant gap in the market by allowing Britons who move or work abroad to have their ISAs managed alongside their other assets.

Recently, HM Revenue & Customs (HMRC) approved Novia as a UK-registered ISA manager which means expats can now transfer their existing ISAs and incorporate them within their broader Novia accounts.

The Novia Global Stocks and Shares ISA is described as suitable for expats who plan to – or who could – return to the UK and who would benefit from a UK-tax-efficient product.

Chris Skelhorn (pictured), Novia Global’s sales director, said: “The problem of expats’ ISAs entering what amounts to a state of suspended animation has been recognised for some time. We know from our conversations with advisers and clients that it has been a matter of frustration, particularly since so few meaningful efforts have been made to tackle the issue.”

“It’s still the case that only UK residents can set up or contribute to an ISA. The starting point here is to transfer an existing ISA, not to open a brand-new one. But this at least enables expats to have their existing ISAs advised and managed by the same people they trust to look after their other holdings, which we know is important to them.”

Novia Global CEO Steve Andrews said: “We’re introducing this product in direct response to an issue that advisers and clients have been highlighting for a number of years.

“Many investors are more comfortable with a clearly aligned approach to advice and management. In order words, they like to deal with a small number of trusted providers. The ISA problem no longer has to get in the way of that ideal.

"We don’t pretend this is a revolutionary solution, but we know it’s one that advisers and their clients want to see.”