Once qualified as non resident and abiding by the sub 90 day rule...is any money brought back to the UK subject to tax??? (earnings) getting conflicting advice... Thanks gwen
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Originally posted by gwen View PostOnce qualified as non resident and abiding by the sub 90 day rule...is any money brought back to the UK subject to tax??? (earnings) getting conflicting advice... Thanks gwen -
What do you mean "money brought back to the UK"? How long have you been out of the UK? I think some details are required here!Down with racism. Long live miscegenation!Comment
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Originally posted by gwen View PostOnce qualified as non resident and abiding by the sub 90 day rule...is any money brought back to the UK subject to tax??? (earnings) getting conflicting advice... Thanks gwen
It all depends on whether the money has been taxed in the first place.
Let me explain.
A number of contractors who work in Europe take advantage of a scheme where a local salary is paid in the country where they work. The rest is paid into a pension scheme which is usualy off shore of the country where they are working. They pay tax on the local salary only. The "pension fund" is not taxed localy.
Legaly the contractor should pay tax on the "pension fund" in the country where they bring the money back onshore. Some become resident in tax havens for this purpose.
Repatriating this money to the UK would require a declaration to Hector as income.
If you are transferring the contents of your bank account which has already been taxed locally (even if it is a tax free country) then there is no tax to pay.
There are one or two issues with reciprocal tax agreements.
I am not qualified to give this advice.
You should ask an accountant who deals with this kind of thing regularly. JSA International may be able to help but they may charge for the advice.Last edited by The Lone Gunman; 9 June 2008, 08:34.I am not qualified to give the above advice!
The original point and click interface by
Smith and Wesson.
Step back, have a think and adjust my own own attitude from time to timeComment
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