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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I intend to move to monaco and become resident. Once

Customer Question

I intend to move to monaco and become resident. Once resident in Monaco will I pay tax on my income from rents from my UK rental portfolio of properties and also will I pay tax on my Ltd Companies that I also have in the UK
Thanks
Nick
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 1 year ago.

Assuming you are already registered for self-assessment, you will need to register as a non-resident landlord which you can read about here. Assuming you are a UK national, you will be entitled to a personal allowance to offset against your rental profit.

From 6 April 2016, dividends are no longer treated as paid net of a 10% tax credit. Prior to 5 April 2016, non--UK residents were not liable to UK tax on UK dividends beyond the 10% tax credit. Apparently, this will continue to be the case from 6 April 2016 so there should be no change in a non-resident's tax position on dividends. Take a look here for more information.

As your companies are UK registered companies, they will be liable to corporation tax in the UK.

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 1 year ago.

HMRC may seek to tax UK dividends paid to owners of close companies (no more than 5 shareholders of participators) whilst they are non-UK resident if they return to he UK within 5 years of leaving.

Expert:  TonyTax replied 1 year ago.

See paragraphs 6.17 to 6.19 inclusive in RDR3 here (pages 77 and 78) for the rules on dividends paid by close companies to non-resident shareholders.

Expert:  TonyTax replied 1 year ago.

I have to go out for a while but will be back this afternoon to answer any follow up questions that you may have.

Expert:  TonyTax replied 1 year ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.