How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3819
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I am a resident of Switzerland (I have never been a resident in the UK, I have neve

Customer Question

Hi,
I am a resident of Switzerland (I have never been a resident in the UK, I have never worked in the UK; I have no real estate and no business in the UK).
I have a bank account in the UK (with no interest paid) with a balance of about £5,000 (five thousand pounds).
I have a brokerage account with a balance of a few pounds (no interest paid).
I own shares of UK companies listed on the London Stock Exchange (for about £3,000 (three thousand pounds).
In 2014, I received £1.80 as dividends (as I started to invest in December 2014).
In 2015, my dividends will amount to about £200 pounds, based on a rough estimate.
I have no other assets or income in the UK.
Please let me know whether I would need to file a tax return in the UK for 2014 and/or 2015.
Thank you!
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

There is no requirement for you to make a self assessment tax return unless you are in receipt of income which has not been taxed at source. In any event, as an EEA citizen, you are entitled to a personal allowance, currently GBP 10.6K, to offset any UK income. Even our tax authorities do not like wasting time processing returns which yield no revenue! You will, of course, be liable to Swiss Tax on this income, but under the Double Taxation Treaty between the UK and Switzerland, which precludes the same income stream being taxed in both jurisdictions, any tax deducted from your dividends is allowable as a tax credit against any Swiss tax. The Treaty does not protect you from differences in rates of taxation. The notional tax deducted from your UK dividends will be at 10%.

I do hope that I have set your mind at rest on this matter.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your excellent support.

Related Tax Questions