Carmel2
New member
Before you drop out, consider how you might want to pop back up in a few years time, banking is getting harder and harder amongst other things for a fiscal nomad..
Non-resident status for tax planning?
- Thread starter Tim Good
- Start date
macd
Active member
Yes, of course PID's and their like are different. I've not examined every country, so can't say whether rent al income pops up anywhere under 'other'. Otherwise, rental income is of course taxable, unless set against any personal allowance claimed.
vyv_cox
Well-known member
Very true. If my son had not retained a bank account in UK when he returned after years abroad he would have run into significant problems opening a new one.
KellysEye
Active member
>You will get a lot of seemingly conflicting information on this one. This is because much information is presented and/or interpreted only partially. Often two opposing views are both correct because of differing circumstances
If the OP wants to do this the advice we got, the four year requirement with no residence in any country, was given to us by a solicitor who specialises in not resident. If the OP wants it please PM me and I'll give you the contact details, but from you you said you come nowhere near qualifying for not resident thus it would be a waste of a call and a waste of his time.
If the OP wants to do this the advice we got, the four year requirement with no residence in any country, was given to us by a solicitor who specialises in not resident. If the OP wants it please PM me and I'll give you the contact details, but from you you said you come nowhere near qualifying for not resident thus it would be a waste of a call and a waste of his time.
lindsay
Member
To macd yes, this is the guidance note dec 2013. The forum salutes you. Please, please please all read or reread it it. All is revealed. Think of it as fun
To gha your quick flick is correct. For an "arriver" there is no requirement to have been a resident anywhere else.
To Carmel 2 and Vyv Cox yes, setting up a bank account in the uk after a long stay outside the country is difficult. But, so what? Liveaboards are astute, creative, intelligent and perservering, no?
To kellys eye the statement regarding getting non or not resident status with no residence in any country for 4 years does not make sense to my aging brain. Perhaps someone else may clarify
Ps I did say that such requests create confusion!
To gha your quick flick is correct. For an "arriver" there is no requirement to have been a resident anywhere else.
To Carmel 2 and Vyv Cox yes, setting up a bank account in the uk after a long stay outside the country is difficult. But, so what? Liveaboards are astute, creative, intelligent and perservering, no?
To kellys eye the statement regarding getting non or not resident status with no residence in any country for 4 years does not make sense to my aging brain. Perhaps someone else may clarify
Ps I did say that such requests create confusion!
Strolls
New member
Indeed it seems pretty clear to me, too.
Doesn't that say that as long as you spend the required number of days out of the country, you're non-resident?
I'm not trying to be argumentative - maybe I just need to read a bit further?
lindsay
Member
Correct as far as it goes, Strolls, but need to go into it further, preferably to the end, as you suggest, to become totally clear about the difference between an arriver and a leaver, in government parlance. The rules are not difficult to grasp, but just very boring and involved.
I have no claim to any mysterious insight or expertise, but I did pay a qualified and experienced UK accountant for a detailed report to get absolutely clear on my own position, vis a vis the UK, after several decades of total absence. And this after going through that flipping document several times on my own.
While an investment in money and time, I now sleep assured whatever may happen and whatever I may decide to do, so for me it was worth it.
I have no claim to any mysterious insight or expertise, but I did pay a qualified and experienced UK accountant for a detailed report to get absolutely clear on my own position, vis a vis the UK, after several decades of total absence. And this after going through that flipping document several times on my own.
While an investment in money and time, I now sleep assured whatever may happen and whatever I may decide to do, so for me it was worth it.
Strolls
New member
I do plan to seek advice when it comes time.
I don't really have any ties to the UK, so I'm happy to retire somewhere hot and cheap, accepting the need to pay for my own healthcare in my old age.
I don't really have any ties to the UK, so I'm happy to retire somewhere hot and cheap, accepting the need to pay for my own healthcare in my old age.
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lindsay
Member
Retiring somewhere hot and cheap is good. Fyi look at Malaysia under the MM2H Malaysia My Second Home Plan. But you should know that being willing to pay for your own health care, or expecting any government to take care of you in your old age, or being concerned about not being "on the UK property ladder" is terribly unBritish. As is the idea that you could simply walk away from your boat at any time if ownership becomes too onerous.
Join the club!
Join the club!
Richard10002
Well-known member
I looked at this in some depth in 2006 and took some advice from a few tax specialists. My conclusion was that, to be sure, I needed to take up residence elsewhere, and keep it up for at least 5 whole tax years.
My goal was to be in a position to avoid CGT, as my rental income would continue to be taxed in the UK.
Floating around for 5 years, with no residence, seemed to be eminently challengable by HMRC.
The countries where this could have worked were Gibraltar, Malta, and Monaco, in Europe. I was looking at Malta when I got ill and was glad of the NHS!!
My goal was to be in a position to avoid CGT, as my rental income would continue to be taxed in the UK.
Floating around for 5 years, with no residence, seemed to be eminently challengable by HMRC.
The countries where this could have worked were Gibraltar, Malta, and Monaco, in Europe. I was looking at Malta when I got ill and was glad of the NHS!!
GHA
Well-known member
Odd, the same year I went non res for 5 years not being resident anywhere after discussions with the tax office and there was no mention of a requirement to be resident elsewhere. Just wasn't a problem, All they were interested in was any income arising from activities within the UK. . Can anyone point to anything stating that residency abroad is a requirement for UK non residency?
vyv_cox
Well-known member
I didn't say it was impossible but it can create considerable inconvenience to have a request for a bank account refused or delayed for months. It is simply a suggestion on my part to keep the account you have with £1 in credit.
Richard10002
Well-known member
No.. I can't. I merely said that it was my conclusion that, "to be sure",..... etc. etc.. There seemed to be quite a few cases where yachtsmen who had been "cruising around" were deemed to be not actually non resident, and It struck me that it would be better to be certain, if I could possibly arrange things that way.
KellysEye
Active member
>Odd, the same year I went non res for 5 years not being resident anywhere after discussions with the tax office and there was no mention of a requirement to be resident elsewhere. Just wasn't a problem, All they were interested in was any income arising from activities within the UK. . Can anyone point to anything stating that residency abroad is a requirement for UK non residency?
If you are resident abroad you pay tax in that country but to be not resident you have to cut all ties with the UK including no house, no income, no club membership and any other links to the UK plus limited time back in the UK. Also you loose NHS entitlement.
If you are resident abroad you pay tax in that country but to be not resident you have to cut all ties with the UK including no house, no income, no club membership and any other links to the UK plus limited time back in the UK. Also you loose NHS entitlement.
rogerthebodger
Well-known member
I and resident in South Africa and pay SA income tax but I do have a bank account in the UK and did continued pay retirement pension to NHS so receive the UK OAP and some pensions that I paid while living in the UK and left to mature.
The only UK tax I pay which I should not is tax at source on bank interests. This is small so I don't bother to claim back.
The UK have not kept to their responsibility in that my NHS pension is not updated yearly as residents of the UK and the EU and several other countries.