Uk Tax

[phupaman]

Hi All

my question is,,, Will I have to pay UK tax on Interest from an offshore account on the I.O.M that is paid into my Nationwide Flexaccount in the UK ,,I access this with my debit card here in Thailand .. Thanks for any replies.

Phupaman

[doctormann]

Hi All

my question is,,, Will I have to pay UK tax on Interest from an offshore account on the I.O.M that is paid into my Nationwide Flexaccount in the UK ,,I access this with my debit card here in Thailand .. Thanks for any replies.

Phupaman

HM Customs and Revenue now require off-shore banks to provide details of any accounts held by UK citizens (if you thought that this was private information, think again). Whether or not you will have a tax liability on interest earned will depend on whether or not you are considered resident in the UK for tax purposes. If you spend less than 90 days (I think) per year in UK you will be considered non-resident. You may still, however, be considered 'domiciled' so they may still try to get you.

In my own case, I have been out of the UK, except for brief periods, for four years so I am no longer resident or domiciled. I did have some off-shore tax liability in the first year that I moved here as I had spent part of that year 'permanently' resident in UK. I paid them some money and they haven't asked for any more so maybe I'm OK now.

There is a web site that you can take a look at - http://www.hmrc.gov.uk (check this URL, might not be quite correct - Google it). There's a lot of info on there but it's not that user friendly. There are also several information booklets that you can download as pdf files that may prove useful.

Hope this helps.

DM

[jbaldwin]

In fact whether or not you are "domiciled" is not relevant in these circumstances

You are resident in the UK for tax purposes in a tax year if either you are in the UK for more than 182 years during that year or if you have been in the UK for an average of more than 91 day in the previous 4 years (there are in some circumstances where you can count the 91 day average from the date you left the UK rather than over a 4 year period)

If you are resident in the UK, you pay UK tax on all investment income irrespective of where the income was earned. If you are not resident you pay no UK tax on offshore investment income

[PattayaParent]

Can you move your Nationwide Flex Account offshore also?

I don't think you're absolutely correct about paying tax on worldwide investment income jbaldwin, maybe only when you remit it to UK.

Doctormann, how did you acheive non-domiciled status?

[raybingham]

Can you move your Nationwide Flex Account offshore also?

I don't think you're absolutely correct about paying tax on worldwide investment income jbaldwin, maybe only when you remit it to UK.

Doctormann, how did you acheive non-domiciled status?

My friend moved to Thailand over a year ago and completed the appropriate 'non-resident' declaration with HMRC. He tells me he could spend up to 126 days each year in the UK - I have not verified this.

Overseas investment income has to be included in your tax return as far as I know.

[Dave the Dude]

Check HMRC website for info sheet re Form R43, Thats thier form 'Claim to personal allowances and tax repayment by an individual not resident in the UK'

By chance I filled mine in today

Hope that helps your investigation

Dave (Not a Tax expert BTW)

[doctormann]

Can you move your Nationwide Flex Account offshore also?

I don't think you're absolutely correct about paying tax on worldwide investment income jbaldwin, maybe only when you remit it to UK.

Doctormann, how did you acheive non-domiciled status?

Filled in the appropriate forms - forget the numbers. Completed some on my departure from UK and have completed others, associated with off-shore tax declarations, more recently. You need to show that your 'permanent' base is no longer in UK. If you no longer have a UK address and have a permanent address in Thailand - as you would if you 'owned' property here - that seems to be acceptable. It seems that if you have been living abroad for 3 years or more then HMCR will accept your non-domiciled status.

DM

[PattayaParent]

When I asked HMRC about non-dom status they wouldn't tell me anything except that it's not releveant unless a taxable event occurs and they want to get tax from me.

http://www.thaivisa.com/forum/index.php?s=...t&p=1714398

http://www.thaivisa.com/forum/index.php?s=...t&p=1716253

I have a copy of the DOM-1 form and was thinking of sending that in and see what happens as I more than qualify for non-dom status.

[phupaman]

Hi All.

After reading a lot on H.M.R.C. website i think that if my offshore interest was remited through my Nationwide account it would be added to my pensions and everything above my personal allowance

would be taxed.

So I think far better to avoid the UK altogether and have my interest paid straight into my Thai Account

and avoid any problems with UK tax. thanks to all who answered my post.

phupaman