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UK NON RESIDENTS NOW HAVE TO PAY TAX

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martincymru
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UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby martincymru » Sat, 18 Nov 2017 4:24 pm

Are they serious?

Financial Times:
"UK government’s pledge this July [2017] to abolish the permanent non-domiciled status that allows overseas income to be exempted from UK tax....".

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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby PNGMK » Mon, 20 Nov 2017 9:42 am

The UK is desperate - thanks to brexit and austerity. Australia is probably going to do the same in the next decade if the libs stay in.
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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby BBCDoc » Mon, 20 Nov 2017 8:26 pm

Fuuuuuuuuu.....


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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby sundaymorningstaple » Tue, 21 Nov 2017 8:08 am

Welcome to the USA dark side!

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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby MikeJones » Tue, 21 Nov 2017 8:33 am

Not quite the same as the US, this is about residents of the UK who have (or at least claim to have) their permanent home offshore and their income is "earned" in the offshore jurisdiction and therefore do not pay UK tax on it. Lots of very wealthy a**holes use this to avoid paying large amounts of UK tax while living in the UK for a significant amount of the time.

"Non-domiciled' residents. UK residents who have their permanent home ('domicile') outside the UK may not have to pay UK tax on foreign income. The same rules apply if you make any foreign capital gains, for example you sell shares or a second home."

From what I can gather the changes will affect expats that return to the UK to live and keep assets and investments etc outside the UK, previously they may not have had to pay tax on the income/gains of those investments now they will. Worse the offshore assets will also be included in inheritance tax. Simple answer, don't go back :) Of course life is never that simple.

Mike

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martincymru
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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby martincymru » Tue, 21 Nov 2017 8:43 am

" UK to live "

= > 180 days in any one year ?

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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby sundaymorningstaple » Tue, 21 Nov 2017 8:45 am

True, not quite the same. The US taxes you on your world wide income, no matter where you live or are currently domiciled. We are screwed from all directions. So, welcome to the USA twilight side. :P (not totally dark quite yet!)

I've been a PR here for a quarter of a century and actually been here 35 years but I've been paying taxes to both country for all of those years as well (granted we do have a bit of a break with the income earned abroad exclusion but all other types of income are taxed at the rates that would have applied on that income if the exclusion wasn't there. :mad:

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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby BBCDoc » Tue, 21 Nov 2017 8:46 am

Thank god for that...was worried it would be going the US way...


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Re: UK NON RESIDENTS NOW HAVE TO PAY TAX

Postby MikeJones » Tue, 21 Nov 2017 9:01 am

martincymru wrote:" UK to live "
= > 180 days in any one year ?


Not entirely sure how it works, but yes I'd expect the usual tax residency rules apply. From what I've read this is mainly aimed at high profile tax avoiders who the papers keep outing (i.e. a certain high profile Tory peer and donor who was then wasn't then was non-dom again), but of course there'll be implications and unintended consequences for all sorts of people. As for the US system, if the UK go that way then what with Brexit as well, they can have their citizenship back :) Luckily for me I'm also a NZ citizen so already have a backup plan.

Mike


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