International investment platform Novia Global has launched its own stocks and shares ISA to help UK expats’ savings avoid being left in what it calls “suspended animation.”

The new ISA is intended to help Britons who move or work abroad to have their ISAs managed alongside their other assets.

Novia said "suspended animation" is when expats invested in ISAs can no longer add additional funds to their account, while gains or income from the ISA could face tax demands in their country of residence.

HMRC recently approved Novia as a UK-registered ISA manager, the company said. That means expats can now transfer their existing ISAs and incorporate them within their Novia accounts.

The ISA is suitable for expats who plan to – or who could – return to the UK and who would benefit from a UK-tax-efficient product, according to Novia.

Chris Skelhorn, 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.”

He pointed out that only UK residents can set up or contribute to an ISA.

He said: “The starting point here is to transfer an existing ISA, not to open a brand new one.”

Novia Global chief executive 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.”