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bigduckontax
bigduckontax, Accountant
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I am a dual Swiss-Italian national studying in the UK

Resolved Question:

Hello,
I am a dual Swiss-Italian national studying in the UK (2017-2018) and I am interested in social investment with a firm/platform based in the UK (e.g. Oikocredit, Ethex). I will move to Malta upon completion of my masters in September 2018.
My question is: if I decide to invest through these firms/platforms will I be liable to pay taxes when I am a resident in the UK and/or still after moving abroad (i.e. as student I do not pay taxes today).
Thank you and best regards.
Paul
Submitted: 23 days ago.
Category: Tax
Expert:  bigduckontax replied 23 days ago.

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

You are likely to be liable to UK Income Tax (IT) whilst you remain resident in the UK, but you are entitled to a Personal Allowance of 11.5K to offset any income. However, when you move abroad be sure to complete a Form P85 and send it to HMRC. On receipt that Department will classify you non resident for the tax year following your date of departure and furthermore split the leaving year into two portions, one resident, the other non resident. You will no longer have a tax liability in the UK once submitting the form and you may visit the UK for up to 90 days in any one tax year without breaching your non resident status. You may well, of course, have a tax liability in Malta.

I do hope that you have found my reply of assistance.

Customer: replied 23 days ago.
Thanks. But I don't understand what a personal allowance is? Also, if there is no interest on the investment (many social investments do not have one), I suppose I will not be liable to any income tax, right?
Paul
Expert:  bigduckontax replied 23 days ago.

The Personal Allowance is what you can earn tax free in the UK as a citizen of an EEA country Paul. If there is no income there is no liability to UK Income tax.

However, please don't forget the Form P85.

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Expert:  bigduckontax replied 23 days ago.

Thank you for your excellent support.