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Sending money to UK - will it be taxed?
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rc2000
Posts: 2 Newbie
in Cutting tax
Hi
I'm looking for some advice as I want to send some money back to my UK account but am worried I'll have to pay tax on it. I'm currently working overseas in a country where there is no income tax (cayman islands - so no double tax agreement). I've filled out P85 and have been refunded for my overpayment for tax year 2009-2010 so in the eyes of HMRC I'm a non-resident (I think!?). If i send 'home' say, 12,000 sterling to my UK bank account will the inland revenue be entitled to any of it? When I eventually return to the UK as a resident I will have been a non-resident for an entire tax year (2009 -2010).
Do I need to put it in an off-shore account?
Would really apprecicate any ideas/advice. Thanks.
I'm looking for some advice as I want to send some money back to my UK account but am worried I'll have to pay tax on it. I'm currently working overseas in a country where there is no income tax (cayman islands - so no double tax agreement). I've filled out P85 and have been refunded for my overpayment for tax year 2009-2010 so in the eyes of HMRC I'm a non-resident (I think!?). If i send 'home' say, 12,000 sterling to my UK bank account will the inland revenue be entitled to any of it? When I eventually return to the UK as a resident I will have been a non-resident for an entire tax year (2009 -2010).
Do I need to put it in an off-shore account?
Would really apprecicate any ideas/advice. Thanks.
0
Comments
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No, you are taxed according to your residence status, not on how much you send back to the UK. If you are regarded a non-resident, then all your overseas earnings are exempt form UK tax, whether you bring them into the UK or not.£705,000 raised by client groups in the past 18 mths :beer:0
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Thanks for your help, really appreciated.:D0
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