TTP for non residents

[Endofdays]

Seems an obvious question

Is TTP only only open for uk residents?

If open to non residents does the 50k rule for 5 year plans apply to UK taxable income?



Thanks

[QCApproved]

I think they would be extremely "keen" to accomodate any non resident on any terms.
As with a great deal of HMRC activities the specifics of how they might actually collect "the right amount of tax" AKA "the fair share" etc and so forth from someone who resides outside the United Kingdom of retrospective taxation - are not available from them currently. It cannot be ruled out that they will not be able to collect any of it despite huffing and puffing. Given that there is a probably a hefty sum now in jurisdictions where the rule of law and due process are not quite as rotten and where the organs of the state are more competent, it could be very disappointing for them and mark a new chapter in this cluster f**k/omnishambles.

[QUODM]

Good Q

I'm interested with this too.
With the MARD, I assume you can't avoid paying the bill.
But can they force you to sell assets to pay if you're non resident (non uk assets that is)?
And I assume you would be able to pay this off in some timeframe of your choosing?
500quid a month for the rest of my life suits...

[Endofdays]

I'm interested with this too.
With the MARD, I assume you can't avoid paying the bill.
But can they force you to sell assets to pay if you're non resident (non uk assets that is)?
And I assume you would be able to pay this off in some timeframe of your choosing?
500quid a month for the rest of my life suits...

Also does anyone know if in terms of TTP non residents can be means tested on their non uk income i. e for terms > 5 years can they for example engage with local tax authorities to assess income?

[me206et]

Tax on world wide income

More worrying is that HMRC cannot say how the LC "income" will be declared to foreign tax authorities. If declared as income and the country taxes world wide income then this will become impossible.

[bandemelbs]

More worrying is that HMRC cannot say how the LC "income" will be declared to foreign tax authorities. If declared as income and the country taxes world wide income then this will become impossible.

The only countries that currently tax their citizens on world-wide income is USA & Eritrea. Not sure if that changes anything for those now living elsewhere outside the UK.

[me206et]

The only countries that currently tax their citizens on world-wide income is USA & Eritrea. Not sure if that changes anything for those now living elsewhere outside the UK.

France.

Correction. Actually most countries, if you are resident.
USA do it if you are a citizen and resident anywhere in the world

[NotAllThere]

The only countries that currently tax their citizens on world-wide income is USA & Eritrea. Not sure if that changes anything for those now living elsewhere outside the UK.

You are usually taxed where you are resident for tax purposes on world-wide income (and possibly assets). The USA and Eritrea charge tax on your income (and possibly assets), no matter where you are resident.

It doesn't matter where you're resident, you're still liable for tax arising in the UK.

[me206et]

You are usually taxed where you are resident for tax purposes on world-wide income (and possibly assets). The USA and Eritrea charge tax on your income (and possibly assets), no matter where you are resident.

It doesn't matter where you're resident, you're still liable for tax arising in the UK.

Agreed. What I was trying to point out is that even with double taxation treaties. If the UK state that it was UK income in 2018 say. Then the countries of residence will take it into account. As double taxation only seems to work on the same type of taxes places like France for example will hit you with a huge social security charge as well.
HMRC cannot say how it will be reported to foreign tax authorities.
Just a friendly warning for those tax resident outside the UK.

[Endofdays]

Agreed. What I was trying to point out is that even with double taxation treaties. If the UK state that it was UK income in 2018 say. Then the countries of residence will take it into account. As double taxation only seems to work on the same type of taxes places like France for example will hit you with a huge social security charge as well.
HMRC cannot say how it will be reported to foreign tax authorities.
Just a friendly earning for those tax resident outside the UK.

So basically settle or face the wrath or 2 tax authorities. GREAT.