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 TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17610
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

I am a UK National who has worked overseas in the

This answer was rated:

I am a UK National who has worked overseas in the Oil Sector for the past 16 years.
I had a Non US Expat Commuter Contract with a Deepwater Drilling Contractor so was paid in US$.
I became officially UK Non-Resident in June 2003 as I had sold my only property the year before.
My Employer paid taxes to whichever country I was working in over that period.
During my field-breaks ( 28 Day On / Off Rota ) I lived in Spain. I am not married and have no dependents.
In May 2015 I was made redundant. I am now forced to return to the UK to seek employment.
I understand that I am obliged to inform HM Customs & Excise ( Inland Revenue ) of my return to the U.K. once I find work ; will there be a requirement to declare my assets in Spain and any offshore accounts ?
I have a house in Spain. My employer Retirement Savings Funds have been placed into a Trust Fund and I have an Offshore Account with Nat West in Jersey.
What I am not sure of is will I be subject to any back tax on my Spanish Assets & Nat West Savings ; over the coming months I may be forced to transfer money from my Trust Fund over to the U.K. so assume that any transfer may also be subject to tax ?
***** *****
HelloBecause you have been gone for more than 5 years you would not be taxed on income and gains you made prior to returning.Now you have returned to the UK become resident again.From the day you return any gains or income is taxable. The past savings and interest would not be taxable but from the day you returned on would be taxable. You will need to file for Self Assessment and declare the interest and earnings if £2,000 or more than .You’ll usually only pay tax on 90% of your foreign pension payments (10% is exempt from tax).
Customer: replied 2 years ago.
Many thanks.Can you verify what you mean by ... " past savings and interest would not be taxable but from the day you returned on would be taxable" .... does this mean that I would only be paying tax on future earnings once I start work in the U.K. ?
Yes that is correct. It is not from your working date though, it is from the day you returned.
Customer: replied 2 years ago.
Very good.I just wish to be a clear as possible in my head as I am about to apply for specific jobs so might find myself on someones payroll within the coming month.One more clarification required.The funds I have in my Nat West Offshore Multi-Currency account is mainly in USD $ ...... these funds were from my last pay check in May 2015. This amounts to circa $42,000 USD. Should I be declaring these funds if I am transferring small amounts monthly to my UK Bank and changing into GBP ? ( For my last year overseas i was employed offshore Brazil. )
The wages would not be taxable as I said and the transfer is not required for declaring. Those were wages form a time that yo were not resident in the UK.Your declarations would be interest earned (even abroad) since returning. The wages earned (the principle) is not taxable.
TaxRobin and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
My question was answered. I need no further advice. Your advice was also confirmed, verified by an Independent Wealth & Tax Consultant in Spain
You are most welcome.My goal is to give you excellent service.