A request for some advice, pointers and guides to an individual migrating abroad to a non-EU country?
I have a somewhat basic knowledge of R, OR & Domiciled rules and are currently brushing up on the HMRC website.
Thought it would be a good idea to get some pointers / guides / advice before I tackle the task head on :) I'm going to explain below the situation so if you can offer any notes on the content would be greatly appreciated!
The individual (say Mr. A) is migrating overseas for a period of 3+ years and is uncertain on whether he would wish to return to the UK after this period. The date of migration is likely to be Aug 12, thus (to my understanding) he will not be resident for the tax year 12/13 as spending <183 days of the tax year in the UK. What routes / issues should I be considering for tax planning purposes?
Also, as his intention is to remain abroad from the UK for 3+ years he will cease being R and OR from date of departure regardless. I am unsure on what his domiciled status will be - likely NON-Domiciled as no permament residence in the UK (I am researching this further). Is this correct?
Mr. A will likely wish to make voluntary NI contributions over this period in case he desires to return to the UK thus protect his right to a full state pension - can he do this or would it be interpreted as an intention to return to the UK (even if abroad for > 3 years)?
Only bank accounts (ISAs) will remain in the UK. I understand any UK income is assessed on an arising basis. Can he continue to invest in an ISA from abroad if N-R and N-OR? Will the interest become taxable if the decides to leave the investments in the UK?
Thanks for any advice in this matter. Any 'approach' guides would be greatly appreciated!
- Have I dropped a major clanger? 1,155 20
- Child tax credits 98 2
- Deaf clients 577 6
- rental income since 2003 88 1
- first year company tax return for a limited company 1,663 29
- DEATH OF A SHAREHOLDER NO SHAREHOLDER AGREEMENT 394 10
- Can I take action against my accountant for incompetence? 2,221 54
- PITA client 399 4
- Entrepreneurs relief available? 535 12
- ACCA Cert/Dip in IFRS 82 1
- Estate agent and VAT registration 230 4
- Legal Advice Needed Bank Account Blocked 589 9
- Sole-trader renting commmercial property from himself & spouse. 221 4
- Peer to Peer lending 1,072 8
- Small company audit 344 9
- Should VAT be charged when land is transferred as part of a TOGC 121 2
- R&D tax credit claim 261 6
- CIC Company 504 6
- Sage Starting Again As Records are in a mess 274 4
- HMRC Property campaign 809 10
- Property exchange - 8-year legal delay following fall-out 612
- Cancelled 358
- SAGE Payroll Data for Import to MS Dynamics AX 339
- Cancelled 291
- Have you staged yet for auto enrolment? 269
- Probiz 257
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 216
- Free-standing washing machine - unfurnished lettings 204
- Phishing emails purporting to be from CIPFA? 192
- Car leasing scheme 191