Uk Double Taxation Agreement

[dsfbrit]

Previous posts have said:

"4. Unless you live in the UK you can no longer open an account there."

and

"You can keep property in the Uk and money in the UK banks."

So I assume that when you leave the UK you can keep a current account there and internet banking? Can you keep a credit card? Do you have to supply a UK address?

Excuse my naivety, I'm trying to get my head round all this for moving to LOS in a couple of years time

I am not an expert.

However I have several bank accounts in the UK, both current accounts and savings accounts so I know for sure you can do this.

All can be accessed from the internet - but for security reasons I dont do this.

I also have a UK credit card.

Its opening new accounts in the UK that can be a problem.

I dont know about current accounts, but opening new UK onshore savings accounts is definitely out.

When I came to Thailand I just notified them of my new address - easy as that.

I have read on TV forum somewhere of some Expats who have banks in the UK where they were not very happy about them providing an address abroad and they had to provide the address of a relative who resided in the UK.

There is stuff on this on the banking thread I believe:

http://www.thaivisa.com/forum/index.php?showforum=13

[Eff1n2ret]

Previous posts have said:

"4. Unless you live in the UK you can no longer open an account there."

and

"You can keep property in the Uk and money in the UK banks."

So I assume that when you leave the UK you can keep a current account there and internet banking? Can you keep a credit card? Do you have to supply a UK address?

Excuse my naivety, I'm trying to get my head round all this for moving to LOS in a couple of years time

I am not an expert.

However I have several bank accounts in the UK, both current accounts and savings accounts so I know for sure you can do this.

All can be accessed from the internet - but for security reasons I dont do this.

I also have a UK credit card.

Its opening new accounts in the UK that can be a problem.

I dont know about current accounts, but opening new UK onshore savings accounts is definitely out.

When I came to Thailand I just notified them of my new address - easy as that.

I have read on TV forum somewhere of some Expats who have banks in the UK where they were not very happy about them providing an address abroad and they had to provide the address of a relative who resided in the UK.

There is stuff on this on the banking thread I believe:

http://www.thaivisa.com/forum/index.php?showforum=13

dsfbrit, thanks for all that. I'm with First Direct, and they're always extremely helpful. Looks like the best thing is to have a friendly chat with them when the time comes

[astral]

Dear Aastral (and anyone else reading these threads),

Please, please read the booklets I have referred to. It is simply not the case that if you are non-resident in the UK you do not have to pay CGT. In particular look at the summary at 8.12.

You have to be not-resident and not ordinarilly resident and also be aware of the rules for temporary non-residence (less than 5 years). That's why you need to be NR/NOR for more than 5 tax years to ensure no CGT liability.

Well, 2 years ago when I sold an investment property in the UK I did not have to pay CGT.

I have been non-resident and not ordinarily resident for tax purpose for over 20 years now.

[smilingjim]

Dear Aastral (and anyone else reading these threads),

Please, please read the booklets I have referred to. It is simply not the case that if you are non-resident in the UK you do not have to pay CGT. In particular look at the summary at 8.12.

You have to be not-resident and not ordinarilly resident and also be aware of the rules for temporary non-residence (less than 5 years). That's why you need to be NR/NOR for more than 5 tax years to ensure no CGT liability.

Well, 2 years ago when I sold an investment property in the UK I did not have to pay CGT.

I have been non-resident and not ordinarily resident for tax purpose for over 20 years now.

Exactly my point - you have to be NR/NOR for more than 5 years.

[smilingjim]

Nice structure ... I did not change my Will when I recently moved some of my savings off-shore (IOM/Jersey). I should do this I guess ?

At present I have one WIll for Thailand and one for UK only?

The general rule is 1 will for each country in which you have assets. Are your savings in bank accounts?

Not sure if UK will covers IOM and Jersey but I would have thought a simple letter to the banks concerned nominating a beneficiary would be sufficient.

I'd also add that wills are great at directing what should happen to your estate when you die but there is normally a long period of probate when your beenficiaries can't get access to the funds.

Have you considered setting up a trust?