If you have ever filled your ISA allowance and still had money to invest, there is a good chance your provider suggested a general investment account. Yet many people who hold one are not entirely sure how it works, and even fewer know what happens to it when they leave the UK. So, what is a general investment account, and is it still useful once you are living in Ho Chi Minh City, Hanoi or Da Nang?
In simple terms, a general investment account, often shortened to GIA, is a flexible investment account with no tax wrapper. That flexibility makes it a valuable tool for UK residents and, in some cases, for expats too. However, moving abroad changes how a GIA is taxed, whether your provider will let you keep it and what you should do with it before you go. In this guide, I explain how general investment accounts work, how they compare with ISAs, pensions and offshore bonds, and the practical steps to take before and after your move.
Key Takeaways
- A general investment account (GIA) is a standard investment account for shares, funds, bonds and other investments, with no annual limit and no special tax protection.
- While you are UK resident, a GIA is taxed in the normal way: dividends above the £500 dividend allowance, interest above your personal savings allowance and gains above the £3,000 capital gains tax allowance can all be taxable.
- Once you become non-UK resident, you are generally no longer liable to UK capital gains tax on shares and funds, and UK tax on dividends and interest is usually limited. However, the temporary non-residence rules can tax gains if you return after five years or less abroad.
- Many UK platforms restrict or close accounts for non-residents, so check your provider's policy before you leave.
- As a Vietnamese tax resident, your investment income and gains may be taxed in Vietnam, so a GIA needs to be planned across both countries rather than simply left untouched.
What Is a General Investment Account?
A general investment account is an investment account offered by banks, investment platforms and wealth managers that lets you buy and hold a wide range of investments. Unlike an ISA or a pension, it is not a tax wrapper. In other words, it does not shelter your money from tax. Instead, any income or gains are taxed according to your personal circumstances.
Because of this, GIAs are sometimes called "unwrapped" accounts, dealing accounts or investment accounts. Whatever the name, the principle is the same: you get maximum flexibility in exchange for less tax efficiency.
How a General Investment Account Works
- No contribution limits: you can invest as much as you like, whenever you like, either as a lump sum or through regular payments.
- Full access: you can withdraw money at any time, with no penalties or age restrictions.
- Wide investment choice: you choose your own investments or use a ready-made portfolio, depending on the provider.
- Easy ownership options: many providers allow joint accounts, and you can usually transfer investments between providers.
What You Can Hold in a GIA
Most general investment accounts allow you to hold the same kinds of investments you would find in a stocks and shares ISA, including:
- Individual shares in UK and international companies
- Investment funds, such as unit trusts and open-ended investment companies (OEICs)
- Exchange-traded funds (ETFs) and investment trusts
- Government bonds (gilts) and corporate bonds
- Cash held within the account while waiting to be invested
General Investment Account vs ISA, SIPP and Offshore Bond
To understand where a GIA fits, it helps to compare it with the other accounts UK expats commonly use. Each has a different balance between flexibility, tax efficiency and suitability for life abroad.
| Feature | GIA | Stocks and shares ISA | SIPP | Offshore bond |
| Annual limit | None | £20,000 | Usually £60,000 (with tax relief limits) | None |
| UK tax on growth | Taxable | Tax-free | Tax-free | Deferred |
| Access to money | Any time | Any time | Usually from 55 (57 from 2028) | Any time, with tax rules on withdrawals |
| New money once non-resident | Depends on provider | Not allowed | Limited | Yes |
| Main role for expats | Flexible, simple investing | Keep existing tax-free savings | Retirement savings | Tax-efficient, portable investing |
As you can see, a GIA is the most flexible option but also the least tax-efficient, at least while you are UK resident. For a closer look at the alternatives, see our guides on what is an ISA and what are offshore bonds, or our comparison of SIPP vs ISA vs offshore bonds.
How a General Investment Account Is Taxed in the UK
While you are UK resident, three types of tax can apply to a GIA. Understanding them is important, because it explains why the timing of your move abroad can make such a difference.
Tax on Dividends
Dividends from shares and funds held in a GIA are tax-free up to the £500 dividend allowance. Above that, they are taxed at the following rates for 2026/27:
| Income tax band | Dividend tax rate (2026/27) |
| Basic rate | 10.75% |
| Higher rate | 35.75% |
| Additional rate | 39.35% |
Tax on Interest
Interest from bonds and cash in a GIA counts as savings income. Basic-rate taxpayers can earn £1,000 of savings income tax-free each year, higher-rate taxpayers £500 and additional-rate taxpayers nothing. Above these amounts, interest is taxed at your income tax rate, and from 6 April 2027 savings income rates are due to rise by two percentage points to 22%, 42% and 47%.
Capital Gains Tax
When you sell investments for more than you paid, the profit is a capital gain. The first £3,000 of gains each tax year is tax-free. Gains above that are taxed at 18% for basic-rate taxpayers and 24% for higher and additional-rate taxpayers.
A Quick Example
Suppose Emma, a higher-rate taxpayer, sells funds in her GIA that cost £110,000 and are now worth £150,000, realising a £40,000 gain. After her £3,000 allowance, £37,000 is taxable at 24%, giving a capital gains tax bill of £8,880. Had the same investments been held in an ISA, there would be no tax to pay.
What Happens to Your General Investment Account When You Move Abroad?
Moving abroad does not automatically close a GIA, but it does change several things at once. Below, I work through the main issues in the order most expats encounter them.
Can You Keep Your GIA as a Non-Resident?
Whether you can keep your account depends on your provider rather than on HMRC. Some UK platforms allow non-residents to keep existing accounts but stop them from adding money or buying new investments. Others close accounts for customers who move to certain countries, often because of local financial regulations. A smaller number of UK and international platforms are set up specifically for expats.
Because of this, the first practical step is to check your provider's terms on non-residents, ideally several months before you leave. Discovering that your account must be closed after you have moved can force you to sell at an inconvenient time.
UK Tax on Your GIA Once You Are Non-Resident
Once you are non-UK resident under the Statutory Residence Test, the UK tax treatment of a GIA usually becomes much more favourable:
- Capital gains: non-residents are generally not liable to UK capital gains tax on shares and funds. UK land and property is the main exception.
- Dividends and interest: UK dividends and interest are treated as "disregarded income", which means UK tax on them is generally limited to any tax deducted at source. Since UK dividends and most interest are paid without tax deducted, the UK bill is often nil.
- Personal allowance: British citizens living abroad can usually still claim the UK personal allowance against other UK income.
However, this favourable treatment in the UK does not mean the income is tax-free overall, because your new country of residence may tax it instead.
The Temporary Non-Residence Trap
Many expats assume they can simply sell their GIA once they have left the UK and pay no capital gains tax. That can work, but only if you stay away long enough. Under the temporary non-residence rules, if you were UK resident in at least four of the seven tax years before you left and your period of non-residence lasts five years or less, gains on assets you held before leaving can be taxed in the year you come back.
For example, if Emma moves to Ho Chi Minh City, sells her funds while abroad and then returns to the UK after three years, her £40,000 gain could be taxed as if she had sold the funds in her year of return. Therefore, if there is any chance you will move back within five years, this needs to be part of your decision.
Tax on Your GIA in Vietnam
If you become a Vietnamese tax resident, which generally happens if you spend 183 days or more in Vietnam in a year or have a permanent residence there, Vietnam can generally tax your worldwide income. Under the Personal Income Tax Law that took effect on 1 July 2026, income from capital investment is taxed at 5%, and transfers of securities are taxed at 0.1% of the sale price. How these rules apply to investments held in an overseas account, and how they interact with the UK-Vietnam double taxation agreement, depends on your circumstances. For more detail, see our guide to personal income tax in Vietnam.
Currency Risk and Reporting
Finally, remember that most UK GIAs are held in sterling, while your living costs in Vietnam are in dong. Exchange rate movements can therefore add to or erase your investment returns. In addition, financial institutions share account information with tax authorities under the Common Reporting Standard, so you should update your tax residence details with your provider once you move.
What to Do With Your General Investment Account Before You Move: A Step-by-Step Guide
With the rules in mind, here is a practical plan. Each step builds on the previous one, so it is worth working through them in order, ideally six to twelve months before your move.
Step 1: List Your Accounts and Check Each Provider's Rules
Start by listing every GIA you hold, including the provider, current value and the original cost of your investments. Then check each provider's policy for non-residents, as this determines which of the following options are realistic.
Step 2: Use Your ISA Allowance While You Still Can
Next, consider moving money from your GIA into an ISA through a process known as "bed and ISA", where you sell investments in your GIA and immediately buy them back inside your ISA. You can only pay into an ISA while you are UK resident, so this is a use-it-or-lose-it opportunity. Bear in mind that selling may trigger capital gains tax. For more on this, read our guide on can I keep my ISA when moving abroad.
Step 3: Review Your Gains and Plan the Timing of Sales
After that, work out the gains sitting in your GIA. If you are a long-term expat who is unlikely to return within five years, it may make sense to wait until you are non-resident before selling larger holdings. Conversely, if your gains are small, using your £3,000 allowance in the UK can tidy things up before you go. The right answer depends on how likely you are to return and how Vietnam will tax the sale.
Step 4: Decide Whether to Keep, Move or Restructure
Once you know your provider's rules and your tax position, you can decide whether to keep the account, move it to a platform that welcomes expats, or restructure your investments into something better suited to life abroad, such as an offshore bond. Our guide to offshore investments for UK expats explains the main alternatives.
Step 5: Update Your Details and Keep Good Records
Before and after you move, update your address and tax residence with each provider and keep records of purchase prices, sales and income. These records will be essential for completing tax returns in both the UK and Vietnam, and for proving your position if HMRC ever asks.
Step 6: Rebuild Your Portfolio Around Your New Life
Finally, review your investments as a whole. Your currency needs, income needs and time horizon may all change after you move, so your portfolio should reflect your life in Vietnam rather than your old life in the UK. Our guide on how to build a global investment portfolio as an expat walks through this in more detail.
Is a General Investment Account Right for You as an Expat?
A GIA is neither good nor bad on its own. Whether it suits you depends on your plans, your provider and your tax position in both countries.
When a GIA Can Work Well
- You have already used your ISA allowance and want simple, flexible access to your money
- You plan to live abroad for more than five years and can benefit from being outside UK capital gains tax
- Your provider is happy to support non-resident clients
- You want a straightforward account alongside more tax-efficient structures
When Another Option May Be Better
- Your provider restricts or closes accounts for people living in Vietnam
- You may return to the UK within five years and have large gains
- You want long-term, tax-efficient growth that can move with you between countries
- You need investments held in currencies other than sterling
Common Mistakes Expats Make With General Investment Accounts
- Not checking the provider's non-resident policy until after the move
- Missing the last chance to use the ISA allowance before leaving the UK
- Selling large holdings soon after leaving without considering the temporary non-residence rules
- Ignoring Vietnamese tax on investment income and gains
- Leaving everything in sterling without thinking about future spending currencies
- Forgetting that UK investments still affect estate planning, as some UK assets remain exposed to UK inheritance tax after you leave
That last point is often overlooked. If you keep investments in the UK, our guide on how to manage UK assets while living abroad explains the wider issues to consider.
How Benjamin Sharvell IFA Helps UK Expats With Their Investments
At Benjamin Sharvell IFA, I help UK and European expats in Ho Chi Minh City, Hanoi, Da Nang and across Vietnam organise their investments so they work as well abroad as they did at home. Being based in Vietnam means I understand both the UK rules you leave behind and the regulations that apply once you arrive.
When it comes to general investment accounts, my support typically includes:
- Reviewing your existing GIAs, ISAs and pensions before or after your move
- Planning the timing of sales around UK capital gains tax, the temporary non-residence rules and Vietnamese tax
- Recommending suitable platforms and structures for expats, including international accounts and offshore bonds where appropriate
- Building a diversified portfolio that reflects your currency needs, income needs and long-term goals
- Reviewing your plan regularly as your circumstances and the rules change
Making Your General Investment Account Work Abroad
A general investment account is one of the simplest and most flexible ways to invest, but it offers no tax shelter. For UK residents, that means paying tax on dividends, interest and gains above modest allowances. For expats, the picture is more nuanced: UK tax usually falls away once you are non-resident, but provider restrictions, the temporary non-residence rules and Vietnamese tax all need careful thought.
The key is to plan before you move rather than after. If you would like help deciding what to do with your general investment account and wider investments, contact me today to arrange a consultation, and I will help you build a plan that suits your life in Vietnam.
This article is for general information only and does not constitute financial, tax or legal advice. Tax rules can change and depend on your individual circumstances, so please seek personalised advice before acting.
Frequently Asked Questions About General Investment Accounts
1. What is a general investment account in simple terms?
It is a flexible investment account for shares, funds and bonds with no annual limit and no tax wrapper. You can add and withdraw money at any time, but any income and gains are taxable according to your personal circumstances.
2. Is a general investment account better than an ISA?
For UK residents, an ISA is usually more tax-efficient because income and gains are tax-free. A GIA is mainly useful once your ISA allowance is used, or when you need features an ISA cannot offer, such as joint ownership.
3. Can I keep my general investment account if I move abroad?
Often yes, but it depends on your provider. Some UK platforms allow non-residents to keep existing accounts with restrictions, while others close them for customers in certain countries, so check your provider's terms before you leave.
4. Do I pay UK capital gains tax on a GIA after moving abroad?
Generally not, as non-residents are usually outside UK capital gains tax on shares and funds. However, if you return to the UK after five years or less abroad, gains on investments you held before leaving can be taxed in the year you return.
5. Will Vietnam tax my general investment account?
If you are a Vietnamese tax resident, Vietnam can generally tax your worldwide income, which may include dividends, interest and gains from a UK GIA. The exact treatment depends on your circumstances, so it is worth taking local advice.
6. Should I move my GIA into an ISA before leaving the UK?
It is often worth using your remaining ISA allowance through a "bed and ISA" before you leave, as you cannot pay into an ISA once you are non-resident. Selling may trigger capital gains tax, so check the numbers first.