UK Residency and H2B/LISA's

4pes0j1

I'm looking to open either a H2b ISA or a LISA, however am unsure as to my eligibility when it comes to my UK residency status. Both the H2B and LISA requirements state that I need to be a UK resident. Whilst I am a UK citizen, having been born and bread here, I work abroad and due to the nature of my work, am not susceptible to UK tax.

The HMRC guidelines state that such criteria must be met in terms of 'how long one is in the country for per fiscal year', but how is this calculated? By stating that I have to be in the UK for at least 6 months of the fiscal year mean that I have to shell out 6 months worth of tax to even be considered eligable for the ISA's? There has to be some way around this as there is 1.3 million UK citizens working abroad in the EU alone who need this extra push, but seemingly cant get it.

My understanding is that unless you pay 'X' amount of tax each year to the government, they're not going to help you. Meaning that this 'bonus' is alot less than it appears.

Does anyone know anymore information on laws governing UK residency and working abroad with not tax?

:mad:

Alexland

Hi

Try reading this page to determine your residency status:

https://www.gov.uk/tax-foreign-income/residence

I can see the government's position on this that if you are paying tax elsewhere then maybe elsewhere should be giving you something in return?

Alex

eskbanker

4pes0j1 wrote: »

There has to be some way around this as there is 1.3 million UK citizens working abroad in the EU alone who need this extra push, but seemingly cant get it.

My understanding is that unless you pay 'X' amount of tax each year to the government, they're not going to help you. Meaning that this 'bonus' is alot less than it appears.

This won't be what you want to hear, but, speaking as a UK taxpayer, I have to say that I'm quite happy that the UK government isn't offering handouts and incentives to subsidise non-UK taxpayers who don't contribute anything to the UK economy - if you're that keen to take advantage of one of the benefits of living in the UK then you know what to do....