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UK EXPATS TO BE TAXED ?

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martincymru
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UK EXPATS TO BE TAXED ?

Postby martincymru » Fri, 05 Dec 2014 4:24 pm

Any truth in the rumour that UK govt is considering taxing UK expats on overseas earnings irrespective ?

If that's the case then would it be sensible to renounce UK citizenship and become a citizen of another low/nil tax country ?

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Re: UK EXPATS TO BE TAXED ?

Postby sundaymorningstaple » Fri, 05 Dec 2014 5:30 pm

Depends if their tax laws are as onerous as the US ones are.

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Re: UK EXPATS TO BE TAXED ?

Postby JR8 » Fri, 05 Dec 2014 8:39 pm

I have not heard a single whisper of this story; and I'd God damn hope that I would have.

There is a change to tax laws re: tax-liability/immunity on your 'Principle Private Residence' - i.e. for most people their home they leave to expat, rent out, and intend to eventually return to when they return home. This change will put expats ('like us') on the same footing as passive foreign investors with regards to CGT.

That kicks in 1 April 15.
'Do it or do not do it: You will regret both' - Kierkegaard

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Re: UK EXPATS TO BE TAXED ?

Postby GSM8 » Mon, 08 Dec 2014 7:42 am

sundaymorningstaple wrote:Depends if their tax laws are as onerous as the US ones are.

US is trying to tax Boris Johnson who never lived there beyond his first 3 years. It'll be interesting to see how they pipe down if he ever becomes PM

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Re: UK EXPATS TO BE TAXED ?

Postby sundaymorningstaple » Mon, 08 Dec 2014 7:48 am

:lol:




Pal, why don't we have a thumbs up smilie?!?

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Re: UK EXPATS TO BE TAXED ?

Postby curiousgeorge » Mon, 08 Dec 2014 9:26 am

sundaymorningstaple wrote::lol:




Pal, why don't we have a thumbs up smilie?!?


Or a "Thank You" button for relevant posts?

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Re: UK EXPATS TO BE TAXED ?

Postby Primrose Hill » Mon, 08 Dec 2014 11:11 am

I haven't heard anything about UK's long arm taxation plan. I sincerely hope not :shock:

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Re: UK EXPATS TO BE TAXED ?

Postby JR8 » Mon, 08 Dec 2014 2:42 pm

Was it this?


... http://www.telegraph.co.uk/finance/pers ... plans.html
'Expats urged to review sources of UK income amid tax raid plans
P roperty owners and pensioners who face losing their personal tax allowances can take steps now to protect themselves, say experts'
'Do it or do not do it: You will regret both' - Kierkegaard

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Re: UK EXPATS TO BE TAXED ?

Postby JR8 » Mon, 08 Dec 2014 2:50 pm

Note a few days later the same paper published...

http://www.telegraph.co.uk/finance/pers ... break.html

Expats will keep their tax break
The Government had threatened to scrap the personal tax allowance for some non-residents - but in the end, the axe did not fall

The Autumn Statement held good news for the five million Britons living and working overseas – threats to scrap their personal tax allowance were not carried out, and the allowance was actually extended.

In March, when he made his budget statement, Chancellor George Osborne said only non-residents with "strong economic connections to the UK" might be allowed to retain their personal allowance in future. This is the amount of income that can be earned in the UK - such as from a pension or property - before tax needs to be paid.

For the 2014/15 tax year the level was set at £10,000 for a single person. Rates differ according to marital status and age.

However, in his Autumn Statement yesterday, the Chancellor said there will be no change for the time being to the current rules governing an individual’s entitlement to the allowance.

He announced that it will rise to £10,600 for the 2015/16 tax year which starts on April 6 – an increase on the £10,500 he'd announced in March.

[Continues]
------------------------------------

So either he's an incompetent twit, or he got stamped on late-in-the-day by the reality that many expats vote for his party: Duh!!

Things like this though can suggest the way the tide is turning. So either way, now might be a useful time to study assets/tax liabilities and seek to protect/optimise them for the future.

Note: there is a second prong to this hay-fork up the derriere for UK expat/homeowners. In that CGT relief on your main home will no longer be available in your absence abroad from 2015. I'm still trying to get to the bottom (sic) of this change and it's implications. Oh for a simple tax code as per SG.
'Do it or do not do it: You will regret both' - Kierkegaard

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Re: UK EXPATS TO BE TAXED ?

Postby Primrose Hill » Mon, 08 Dec 2014 4:23 pm

CGT relief as your main home, that's only applicable if you sell.
Also, can't you just be back in the UK for XX number of days in order to satisfy the main residence criteria and then sell?

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Re: UK EXPATS TO BE TAXED ?

Postby JR8 » Mon, 08 Dec 2014 4:34 pm

http://www.telegraph.co.uk/finance/pers ... -raid.html

George Osborne, the Chancellor, is reportedly preparing to announce that capital gains tax will be charged on British property sold by overseas nationals and expats. .'
[continues]


As I said, no one seems to know what on earth is going on right now...
'Do it or do not do it: You will regret both' - Kierkegaard


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