bringing in money from abroad.

starfighter

I have been told that it is possible to bring back 9k (or so) back every 35 days from abroad tax free?

If not what could he be talking about?

Thanks.

tommygirl3

In the UK, as long as you are a resident, you are taxed on your WORLDWIDE income. Therefore regardless of the origin of the money, you're taxed on it through your self assessment tax return.

Unless you are a non resident - able to satisfy the 183 days out of UK rule. Then you may elect to be taxed on the Remittance basis, however you'd have to pay the HMRC £30,000 foir the benefit AND you also lose your personal allowance. This is to stop wealthy non residents from escaping UK tax, by using offshore companies to reroute their income.

http://www.hmrc.gov.uk/nonresidents/coming_to_the_uk.htm

Therefore your friend who suggested that one is able to bring back any amount of income above one's personal allowance tax free might be mistaken it for another country's tax jurisdiction.

Cook_County

tommygirl3 wrote: »

In the UK, as long as you are a resident, you are taxed on your WORLDWIDE income. Therefore regardless of the origin of the money, you're taxed on it through your self assessment tax return.

Unless you are a non resident - able to satisfy the 183 days out of UK rule. Then you may elect to be taxed on the Remittance basis, however you'd have to pay the HMRC £30,000 foir the benefit AND you also lose your personal allowance. This is to stop wealthy non residents from escaping UK tax, by using offshore companies to reroute their income.

http://www.hmrc.gov.uk/nonresidents/coming_to_the_uk.htm

Therefore your friend who suggested that one is able to bring back any amount of income above one's personal allowance tax free might be mistaken it for another country's tax jurisdiction.

The first paragraph of the above reply is broadly correct - unless you are one of the several million UK residents who are not domiciled here or you are a seafarer.

The remainder of the reply muddles urban myths about breaking UK residence with the rules for non-doms.

Your friend might be thinking about banking regulations designed to obtain reporting to avoid movements of criminal monies?

starfighter

no real reason, it came up in conversation when discussing what to do when i win the euro lottery.

seemed like a loop hole but i guess not really.