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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have been offered a business opportunity in Dubai. I am

Customer Question

I have been offered a business opportunity in Dubai.
I am a UK born resident , that filled in his last tax return in Jan 2014.
For the year 2012/2013 ,I think.

I have no property or income in UK.
I will not be returning for many years, except for short holidays.

If I leave in the next month and get paid a lot of money over the next few months living
and working in Dubai, will I have any tax liability in Uk?

My wife and child will come with me , so I will have no ties to UK
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

First essential as you finally leave the UK send a tax form P85 to your tax office. You can do this on line. This tells HMRC that you have left the UK and will reduce their pestering to a considerable degree as you will not be required to self assess.

It also makes you non resident for 15/16 and for 14/15 HMRC will split your tax year. For the time up to your departure you will be taxed on your income. Under PAYE there is likely to be a refund owing. Thereafter you will be treated as a non resident. Make sure your aggregate days visits to the UK do not exceed 91 days in each tax year to retain your non resident status.

In general terms as a non resident in the UK you will have no Income Tax liabilities
Customer: replied 3 years ago.

Thank you .


Last point if I come back in 5 years say and want to bring my savings back


will this be tax exempt.


 


Different people ( not professional) have been informing me that some


rule of taking into account that I have been a UK resident over the


last few years come into play with something called a SRT test.


Been told you can not take foreign residency for 3/4 years


 


Is this all rubbish and your answer above that if I apply for p85 form and move lock stock and barrel there is no UK tax liability?

Expert:  bigduckontax replied 3 years ago.
That is generally the case. The P85 tells HMRC that you have left the UK permanently and sets up your non resident status. If you return at some indeterminate, future date you tell HMRC and they change your status. In both cases under an extra statutory concession the tax years of departure and arrival are split into two portions, one resident and one non resident. If you do the P85 procedure you don't need to worry about the SRT test.

Watch out for the 90 day rule within each tax year though for UK visits. Breach that save in exceptional circumstances, eg illness, and you will open a real can of worms from a tax point of view!

Moving savings back to the UK will not attract UK taxation although as part of the process of monitoring and preventing money laundering be prepared to support the source of the moneys moved.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3612
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

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