Forign savings & self assesment

preetim22

If you receive savings and investment financial gain from abroad, you will typically have to be compelled to declare this on a Self Assessment legal document. you'll ought to pay kingdom tax, however if you have paid foreign tax on the financial gain you'll be ready to offset (deduct) this.

Davide123

jamesd wrote: »

Thanks!

Rexmedorum seems to be remitting it to the UK. So I think that rexmedorum probably can't benefit, unless I'm still missing something? maybe if a non-dom and paying the fee?

But my own situation is more promising. I haven't remitted to the UK and am resident and domiciled here, so my personal situation seems to make it more possible for me to choose to use remittance basis, with the calculation in RDRM31190 saying how I have to work out whether I'm over the £2,000 threshold or not.

Just in case you're curious, this is of interest for anyone investing via the Estonian P2P lending company isePankur, who will be receiving interest from individuals. Which is why I'm trying to be fairly sure I've completely pinned it down correctly before I start going around telling people that they won't have to complete a tax return up to a certain unremitted income level.

Won't be possible then unfortunately

Remittance basis only available if some overseas: non dom or not ordinary residence

jamesd

Davide123 wrote: »

Won't be possible then unfortunately

Remittance basis only available if some overseas: non dom or not ordinary residence

Thanks, so just to be sure, for my own situation (and that of standard resident and domiciled UK tax payers) you also don't think that remittance basis is available, even for under £2,000 unremitted?

Davide123

jamesd wrote: »

Thanks, so just to be sure, for my own situation (and that of standard resident and domiciled UK tax payers) you also don't think that remittance basis is available, even for under £2,000 unremitted?

No

You can cannot remittance basis if you are UK R, OR and Domicile

the £2k limit is an auto remittance basis claim

read residence pages rules on the tax return, and then see box 27 and box 28 on the residence pages under remittance basis

jamesd

No? Shouldn't that be yes, agreeing that remittance basis is not available?

Davide123

yes agreed that not available

jamesd

Thanks!

Rexmedorum, are you clear about your own situation now?

rexmedorum

jamesd wrote: »

Thanks!

Rexmedorum, are you clear about your own situation now?

actually no, I remember now why I didn't declare it last year as I concluded that I was non domiciled but the description is vary confusing indeed:

Domicile of origin
Everyone acquires a domicile of origin at birth. This is usually the country that your father considered to be his real or permanent home at the date of your birth. If your parents were not married when you were born, your domicile of origin comes from your mother.
Your domicile of origin will continue until you acquire a new domicile - therefore if you have a domicile of origin outside the UK, then this is likely to still apply unless you intend to remain in the UK permanently or indefinitely.

My wife and I have discussed moving back to where I'm originally from in the last 3 years and we both applied for a few jobs there. A couple of months ago we were seriously considering another EU country. However in a few days I'm starting a permanent job here.

So it's unclear as to which domicile would apply and what implications that has for needing to fill in self-assessment.

jamesd

Are you sending the income to the UK? Roughly when it is originally paid, or in batches once a year say? Trying to understand whether it's being remitted to the UK or not.

rexmedorum

jamesd wrote: »

Are you sending the income to the UK? Roughly when it is originally paid, or in batches once a year say? Trying to understand whether it's being remitted to the UK or not.

it batches once a year in December, stays on my foreign account and is used whenever I visit a euro country (nice way to avoid transaction fees)