Reclaim Income Tax? 300k

jonbunn1

Good afternoon. I was unemployed from Oct 2008 until March 2009. I worked as a broker (stock market) between March 09 until August 09. In that time I paid approx £300k income tax. I have been unemployed since I left that job in August 09. I have not claimed any benefits in periods on unemployment.

If I do not work until April 2010, or if I was to leave the UK immediately and reside outside the EU, would I be able to reclaim any tax back?

thanks in advance

Lokolo

I would think someone that has managed to pay £300k in income tax after earning money as a broker would know the UK tax system. Maybe it's just me

The answer is maybe, not enough information given.

- Total Tax Paid
- Total Income
- Tax Code

jonbunn1

I was a stock broker and have no knowledge of the tax system. Total tax paid was c. £300k. Total income (gross) was c. £800k. Tax code was 647L according to my pay-slip.

noh

Definitely a wind up.
If you are earning that sort of salary you would be required to fill in a self assessment tax form at the end of the tax year.
Assuming you have no other income from savings etc you would probably see a refund of around £1200-£1500

If you still have the 500k net you earned in savings or investments then the income from that will mean you owe more tax.

Lokolo

Go here

Change the numbers to suit.

If you have earnt £800,000 exactly, you will owe £309,930 in income tax.

noh wrote: »

Definitely a wind up.
If you are earning that sort of salary you would be required to fill in a self assessment tax form at the end of the tax year.
Assuming you have no other income from savings etc you would probably see a refund of around £1200.

Thank goodness it's not just me!

jonbunn1

Hi noh. It's not a wind-up I promise you. Yes I assume in April 2010 I will have to fill in a tax return. But £1200 isn't quite what I had in mind. I thought if I didn't work or left the country I might get a reasonable % back. I paid the correct tax (40%ish) but was hoping that I might get a rebate for only having worked 4 months of a tax year.

noh

jonbunn1 wrote: »

Hi noh. It's not a wind-up I promise you. Yes I assume in April 2010 I will have to fill in a tax return. But £1200 isn't quite what I had in mind. I thought if I didn't work or left the country I might get a reasonable % back. I paid the correct tax (40%ish) but was hoping that I might get a rebate for only having worked 4 months of a tax year.

Yes that rebate would be around £1500 assuming no other income.

Fulham_Mark

Stock-brokers I know are extremely clued up on tax. You should have spent more time at the watercooler listening in

My understanding is that you cannot leave the country for 6 consequtive months and then not pay income tax. There is a difference between non-residency and "non-domicile".

If you have bank accounts here or a house here then the taxman is going to view you as a UK citizen who happened to go on holiday for 6months.

I'm sure there's an AIM investment type rule where if you invest £100k+ in a certain class of company then this is exempt from Income tax.

Bad luck on not trading whilst the market has bounced.

trevormax

I am inclined to think this is a wind up. Anyone who is capable of earning that much money as a stock broker would have enough brain cells to know to get a good accountant or tax consultant who knows the ins and outs of the tax system to allow you to use all the little loopholes and avoidance scheemes to avoid paying so much tax.

Seriously, a really good tax consultant could save tens of thousands when you are talking about earning £800k in a few months and he/she would cost a fraction of that amount in fees and someone like the OP would know they should have an accountant.

jonbunn1

Trevormax. I appreciate your comments and you are absolutely right. This is not a 'wind up' and I can't really see why anyone would get any pleasure out of writing what I did if it weren't true. I lost all of the money and nolonger have it. Hence trying to reclaim some tax. Unfortunately the losses were spreadbetting (not tax deductable). And since I am now sking, I cannot afford the £350 an hour tax specialist I may have previously used and am forced to use an online forum (for the first time ever).

HOWEVER, it has been made very clear to me that a) the sums involved look slightly ridiculous, even though they are true. b) these forums discrimiate against those who may actually have money issues that are not about being broke.

My issue is for a lot of money and yes I did earn a lot. But I don't now and I can assure you I now have less money than anyone on this forum.

noh

Ok you have been given the answer.
Taking your figures at face value assuming you have no other income this tax year you will be due a rebate of around £1200 to £1500.