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Tuesday, October 07th, 2008
You are here: Shelter Offshore » Offshore Investment » Expatriate Tax Saving
Tuesday, October 07th, 2008
If you’re an expatriate already or about to join the ever increasing ranks of Brits upping sticks and moving abroad to see if the grass really is greener, you may well be aware of the fact that with non-resident status in the UK comes the potential to save tax or at least enhance your financial status with careful fiscal planning. Non-resident status for taxation purposes is officially granted after you have filled in a P85 form stating that you are leaving the UK for a period of 12 months or more, submitted it to HMRC and had confirmation from them that they acknowledge your change in status.
All well and good – but did you know that even if you have non-resident status and are therefore not liable to UK income tax on income earned in your new nation of residence for example, you are still potentially liable to British tax on any income that you derive from the UK. So, if for example you have a UK home and you want to rent it out, you will be liable for tax on that rental income. But fear not because Shelter Offshore is here to tell you all about expat tax saving and your UK property.
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‘There’s no such thing as inheritance tax in Cyprus,’ ‘the Caribbean’s new hotspot of Isla Margarita is inheritance tax free,’ ‘there’s 0% IHT in Morocco for family members’ – these and many more such bold and misleading statements are being touted by overseas property companies and agents desperate to flog off their wares. They hope that you as a buyer will be lured to their specific destination by the thought of saving taxes and that you won’t actually look any deeper at these bold statements and find out if they do really apply to you.
In this special report from Shelter Offshore, we’ll reveal the great inheritance tax lies being touted by overseas property companies and help you understand your true IHT liabilities – no matter where in the world you choose to live, retire or own property and other valuable assets. Whilst at first glance this may seem like a dull topic to cover, the facts are very simple, the solutions to any IHT issues are also quite straightforward, and yet if you ignore the issue of IHT and choose to believe the false information you’re likely to read from many agents and developers who just want to sell you a house, then your spouse, family and heirs could end up in financial difficulties upon your death.
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There have been significant changes in tax rules and regulations in the UK and internationally in the last six months, therefore the specialist producers of some of the best offshore and expatriate tax guides available have updated their most popular guides for 2008.
Taxcafe produce and publish the likes of ‘Non-resident and Offshore Tax Planning’ as part of their series dealing with those who live and work abroad, those who invest offshore and also those who have property abroad as well as complex personal financial situations requiring specific and specialist advice.
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The European Union may have come up with a number of annoyingly pernickety directives to counteract tax avoidance, and in so doing limit personal choice when it comes to where to invest overseas and offshore, but it’s not just the likes of the average expatriate who has been targeted by the EU – oh no, there are taxing times in Europe for the likes of Spain and Portugal too!
The European Commission, which oversees the smooth running of all things fair and just across the 27 EU member states, has taken direct and decisive action against Portugal already over its property taxes, and now it’s targeting Spain, Romania, Bulgaria and Portugal over the taxation of dividends…
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Every single year the UK loses a number of its citizens to the Portuguese sunshine and inimitably attractive way of life in Portugal. The majority of these people head off in search of adventure in Portugal giving little in the way of a second thought to their financial affairs before they go…but once they are living in Portugal thoughts of tax, pension income, savings and investments often comes to mind.
If you’re in a position where you have just made the move or are about to expatriate, here’s the essential tax information for Brits living in Portugal that you are likely to need.
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