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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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1. I am Spanish citizen and wish to become UK resident (Non-domiciled). 2.

Resolved Question:

1. I am Spanish citizen and wish to become UK resident (Non-domiciled).
2. I have no regular income and live off my overseas savings.
3. I have properties abroad (non-let) and some bank accounts.
Questions:
a. What do I have to declare?
b. What do I have to pay UK tax on? Remittance basis?
c. What allowances apply?
d. Shall I register for self assessment?
Sincerely,
Tatiana
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. a If you choose to be taxed as a UK resident and UK domiciled individual is taxed, you should declare your income form all sources no matter where they are in the world. If you choose to be taxed on the remittance basis, you disclose income and gains you brought into the UK in the tax year you are completing a tax return for. b You can choose to be taxed on the remittance basis or the arising basis. Read section 9 of the RDR1 document (link below) which tells you about the remittance basis of assessment. c You will be entitled to the UK personal allowance and CGT allowance if you choose to be taxed on your worldwide income and gains or you choose the remittance basis and meet the criteria set out in paragraph 8.4 here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/464664/RDR1_FB15_updates_RB_and_CGT.pdf d That would depend on whether you are living off the capital you had before you came to the UK or the income and capital you earned after your arrival in the UK. You should separate your pre-UK income, gains and savings from your post UK arrival income and savings so that you can demonstrate if asked what you are remitting to the UK, capital you had before you came to the UK or income and gains you made since you came to the UK. You need to keep very detailed records of income and gains if you choose to be taxed on the remittance basis. You would get credit for non-UK tax paid on non-UK income and gains against any UK tax liability on that income. I hope this helps but let me know if you have any further questions.
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