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  • FIRST POST
    • Nibs THomas
    • By Nibs THomas 12th Apr 18, 11:02 AM
    • 3Posts
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    Nibs THomas
    Brit living in Germany - how to save?
    • #1
    • 12th Apr 18, 11:02 AM
    Brit living in Germany - how to save? 12th Apr 18 at 11:02 AM
    I'm british and a UK taxpayer, retired and living in Germany. I will be returning to the UK in 2 or 3 years. Because I don't live in the UK, I cannot add to or open up new savings accounts, ISAs etc. Does anyone know how I can invest approx 50k now so that it can earn me some interest for when I come home? (This is my first post, so do forgive me if this query is not appropriate in this forum- thanks!
Page 1
    • AnotherJoe
    • By AnotherJoe 12th Apr 18, 11:07 AM
    • 10,180 Posts
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    AnotherJoe
    • #2
    • 12th Apr 18, 11:07 AM
    • #2
    • 12th Apr 18, 11:07 AM
    Can you not save in Germany?
    • greenglide
    • By greenglide 12th Apr 18, 12:06 PM
    • 3,145 Posts
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    greenglide
    • #3
    • 12th Apr 18, 12:06 PM
    • #3
    • 12th Apr 18, 12:06 PM
    National Savings are available to people are not UK resident.

    www.nsandi.com/
    • bostonerimus
    • By bostonerimus 12th Apr 18, 3:28 PM
    • 2,136 Posts
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    bostonerimus
    • #4
    • 12th Apr 18, 3:28 PM
    • #4
    • 12th Apr 18, 3:28 PM
    If you live in Germany why are you paying tax in the UK?
    Misanthrope in search of similar for mutual loathing
    • Nibs THomas
    • By Nibs THomas 13th Apr 18, 10:31 AM
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    Nibs THomas
    • #5
    • 13th Apr 18, 10:31 AM
    • #5
    • 13th Apr 18, 10:31 AM
    . . because all our income is paid in Britain and taxed at source.
    • uptdale
    • By uptdale 13th Apr 18, 12:00 PM
    • 52 Posts
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    uptdale
    • #6
    • 13th Apr 18, 12:00 PM
    • #6
    • 13th Apr 18, 12:00 PM
    . because all our income is paid in Britain and taxed at source.
    That's unlikely to be relevant. You ought to check the tax rules in Germany - if you are resident there you'll probably find you should be paying tax there. As far as interest goes, you should find that it is not taxed at source in the UK and you are not taxable on the interest in the UK.

    And beware of interest which is tax-free in the UK (such as National Savings certificates), because it may be taxable in Germany.
    • bostonerimus
    • By bostonerimus 13th Apr 18, 2:03 PM
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    bostonerimus
    • #7
    • 13th Apr 18, 2:03 PM
    • #7
    • 13th Apr 18, 2:03 PM
    That's unlikely to be relevant. You ought to check the tax rules in Germany - if you are resident there you'll probably find you should be paying tax there. As far as interest goes, you should find that it is not taxed at source in the UK and you are not taxable on the interest in the UK.

    And beware of interest which is tax-free in the UK (such as National Savings certificates), because it may be taxable in Germany.
    Originally posted by uptdale
    Yep a look at the Germany UK tax treaty is required to figure out where income is taxed. If the OP has done that then I apologize, but Germany is their primary tax authority and most income will be taxed there, unless it's stuff like UK Government pensions etc.

    For that reason I would advise the OP to make sure their Germany taxes are correct and to put money they will need in a couple of years in a guaranteed German savings type account
    Misanthrope in search of similar for mutual loathing
    • Nibs THomas
    • By Nibs THomas 18th Apr 18, 9:25 AM
    • 3 Posts
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    Nibs THomas
    • #8
    • 18th Apr 18, 9:25 AM
    • #8
    • 18th Apr 18, 9:25 AM
    Yep a look at the Germany UK tax treaty is required to figure out where income is taxed. If the OP has done that then I apologize, but Germany is their primary tax authority and most income will be taxed there, unless it's stuff like UK Government pensions etc.

    For that reason I would advise the OP to make sure their Germany taxes are correct and to put money they will need in a couple of years in a guaranteed German savings type account
    Originally posted by bostonerimus
    Thank you for this advice. We do pay taxes here in Germany. My bank manager says that interest on savings is very low here, which is one reason for looking to the UK - the other reason is that our money to invest is in the UK and I don't want to lose money by transferring it here, and then again back to the UK when we return.
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