Is it ok to have a high interest bond in uk even though i live abroad?

Cook_County

ragtop wrote: »

My worldwide income being the interest i get on my savings in the uk?i want to put the money in a pension over here in scandanavia but am very unsure of how i should go about it after i have left it so long to bring it into the country i live in,maybe they will get a bit funny?not a good situation to be in and am getting stressed about it,i got a bit of money but feels like it is useless to me.:mad::rolleyes:

This is a money saving website - not a handbook on fraud. You are subject to local tax and bank reporting and financial regulations. Please tell us which country you live in so we can help!

ragtop

Cook_County wrote: »

This is a money saving website - not a handbook on fraud. You are subject to local tax and bank reporting and financial regulations. Please tell us which country you live in so we can help!

I am not frauding anybody,i am just trying to find out how to go about putting my savings in a pension in NORWAY without loosing money and paying tax again on money that is already been taxed once before!

ragtop

anyone else give me some advice?

ragtop

please,.............

pink_numbers

I think you should go and see a financial advisor in your country to get an accurate advice.

jimbow25

pink_numbers wrote: »

I think you should go and see a financial advisor in your country to get an accurate advice.

I agree.

If it were the other way around and you were talking about bringing overseas savings into the UK, you would be taxed on the interest either
* as it is earned (i.e. pay tax on the overseas interest to the UK authorities every year)
* on a remittance basis (i.e. you are taxed on it when the money comes in to the UK, but not while it sits overseas).

Which of the 2 routes should be followed normally depends on your residence, I don't think you would normally expect to get a choice of basis (though I know UK resdient "non-domiciles" can now choose the remittance basis in return for an upfront fee).

You are in the opposite situation though, the rules that affect you are the Norweigen tax laws so it depends how they treat overseas personal tax.

"i am just trying to find out how to go about putting my savings in a pension in NORWAY without loosing money and paying tax again on money that is already been taxed once before!"
It's unlikely you can do this legally, you will have to declare the income to the Norweigen authorities so you should seek local advice.

ragtop

jimbow25 wrote: »

I agree.

If it were the other way around and you were talking about bringing overseas savings into the UK, you would be taxed on the interest either
* as it is earned (i.e. pay tax on the overseas interest to the UK authorities every year)
* on a remittance basis (i.e. you are taxed on it when the money comes in to the UK, but not while it sits overseas).

Which of the 2 routes should be followed normally depends on your residence, I don't think you would normally expect to get a choice of basis (though I know UK resdient "non-domiciles" can now choose the remittance basis in return for an upfront fee).

You are in the opposite situation though, the rules that affect you are the Norweigen tax laws so it depends how they treat overseas personal tax.

"i am just trying to find out how to go about putting my savings in a pension in NORWAY without loosing money and paying tax again on money that is already been taxed once before!"
It's unlikely you can do this legally, you will have to declare the income to the Norweigen authorities so you should seek local advice.

ok i will seek some advice.thanx.