Offshore saving while working in Germany

RedWizard

Hello all!

This is my first post.

I am in the Forces and working in Germany. I will most likely be here for 2 years or more. Whilst I am living outside of the UK, am I entitled to save money in an offshore account Tax Free?
What would happen when I'm posted back to the UK? I would intend to move the money back to a UK account before I return, but don't know whether I would then become liable for tax on the money - and interest I would have received.

I have a fair bit of money to save - which will be coming from Icesave...eventually.

Thanks in advance...

Cook_County

Are you covered by SOFA?

What is you tax position in the UK?

What is your tax position in Germany?

dzug1

RedWizard wrote: »

Hello all!

This is my first post.

I am in the Forces and working in Germany. I will most likely be here for 2 years or more. Whilst I am living outside of the UK, am I entitled to save money in an offshore account Tax Free?
What would happen when I'm posted back to the UK? I would intend to move the money back to a UK account before I return, but don't know whether I would then become liable for tax on the money - and interest I would have received.

I have a fair bit of money to save - which will be coming from Icesave...eventually.

Thanks in advance...

If you are in the forces then AFAIK you are resident in the UK for tax purposes wherever you are posted. Certainly true for civil servants posted overseas so very likely the same for the military.

RedWizard

Yes I do pay tax on my wages when I get paid. Half of my wages go into a UK based account and the other into a German current account.

So does this mean I am unable to place money in an offshore account tax free?