Living abroad..

majdrew

Hi Everyone!

I am planning to sell up, buy a boat to live on and cruise around the world for a good number of years.

I will need to put my cash, about £250,000, somewhere safe, and draw off the interest every month to live on.

Is there any way I can minimise paying tax on this interest? Will I still be liable, even though I will not reside here? Is an offshore account the way to go?

Any pointers most gratefully received,

Mark.

Symbeaux1

Jolly good luck with your plans for a life of freedom on the ocean waves... presumably you already know all about berthing fees etc.. and port organisation for the various places you wish to visit on your epic voyage? naturally you will opt for the off shore account nestled in a tax free country.... by the way the harbours at Corfu, Rhodes and Majorca offer particularly good attractions... and you need to book in , in advance... learnt this from a LLandudno inventor of the 'easy pull top on drinks cartons' who was staying at Rhodes...

Cook_County

You would remain UK resident so if your income is large enough you would continue to owe UK tax.

purch

You would remain UK resident

So it might be a good idea to look into establishing residency elsewhere

Cook_County

The OP clearly states he is not settling anywhere. The Clark case confirms that UK case law requires settling somewhere to break UK residence.

OwenDai

Sorry to steal the OP's thunder, but I currently live and work on a yacht.

I have filed a P85 with HMRC but wire part of my wages, 1500GBP, to British banks each month.

Do I still have the right to use these financial services, and am I able to legitimately submit R85's for gross interest?

I presume this info. would be useful to the OP too..

Good luck with your life afloat, regards from the Pacific!

Cook_County

Owen - where is your yacht moored? Where do you do your weekly shopping? Where do you work? Do you ever visit the UK at all?