HMRC have finally sent me a letter regarding the loan charge, confirming they know I exist. I'll be calling them in the next week or so to see what years are open and to kick off the process (probably) of declaring my loans. But first I'm wondering about residency.
I left the UK in 2002 and haven’t been back since, apart from in 2004 and 2005. In those two years I believe I was still non-resident in the UK for tax - well at least as I understand it - by being not in the UK for 183+ days of the tax year. In each of those years I worked for roughly 5 months in the UK at a UK company, employed and paid by an Isle of Man company and I received loans through an EBT.
Despite reading a lot of posts on the forum, I can’t see a clear answer on what the implications are for me as a (I believe) non-resident when I received the loans. Will they fall under the loan charge? Any others in the same situation? Recommendations?
Many thanks.
I left the UK in 2002 and haven’t been back since, apart from in 2004 and 2005. In those two years I believe I was still non-resident in the UK for tax - well at least as I understand it - by being not in the UK for 183+ days of the tax year. In each of those years I worked for roughly 5 months in the UK at a UK company, employed and paid by an Isle of Man company and I received loans through an EBT.
Despite reading a lot of posts on the forum, I can’t see a clear answer on what the implications are for me as a (I believe) non-resident when I received the loans. Will they fall under the loan charge? Any others in the same situation? Recommendations?
Many thanks.
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