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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I am a UK citizen and a Bahamian resident if we bought a home

Resolved Question:

I am a UK citizen and a Bahamian resident if we bought a home in the UK for our retirement would we have to pay taxes from our income in the Bahamas
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
How long have you lived in the Bahamas?
Customer: replied 3 years ago.

Five years my husband has been here for 25 years and is a Canadian citizen

Expert:  UKSolicitorJA replied 3 years ago.
Thank you.

If you are not a UK resident, your income in the Bahamas would not be subject to UK tax.

See here for further information
http://www.hmrc.gov.uk/incometax/tax-leave-uk.htm#6

Can I help further?
Customer: replied 3 years ago.

But if we were to return to the UK and become UK residents and had money being generated in the Bahamas do we have to pay tax on that

Expert:  UKSolicitorJA replied 3 years ago.
If you are UK resident and UK domiciled – you pay UK tax on all of your worldwide income and gains in the tax year in which they arise, regardless of whether the income and gains arise in the UK or overseas. This is the called the ‘arising basis’ of taxation.

Further reading here

http://www.litrg.org.uk/tax-guides/migrants/residence-and-domicile/what-are-the-tax-implications-of-residence
Customer: replied 3 years ago.

How many days can you reside before you are considered to be a resident


 

Expert:  UKSolicitorJA replied 3 years ago.
Residency is a very complicated question and does not solely depend on the number of days in the UK, see here

http://www.litrg.org.uk/tax-guides/migrants/residence-and-domicile/when-is-someone-resident-in-the-uk#more

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