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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8765
Experience:  FCCA FCMA CGMA ACIS
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I am trading currency's, with the intention of trading my uk

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Hello,
JA: Hi. How can I help?
Customer: I am trading currency's, with the intention of trading my uk spreadbet account whilst travelling extensively in SE Asia for 9 to 10 months of the year, spending less than 90 days in the uk, Will i have a tax liability when i draw funds from my FX account?
JA: Have you talked to a tax professional about this?
Customer: not yet
JA: Anything else you want the Accountant to know before I connect you?
Customer: I am 65 years old, due state pension in May (i believe).
JA: What is your retirement age?
Customer: I was 65 in august

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

Do you intend to be out of the UK for more than one tax year?

Customer: replied 5 months ago.
for less than 90 days in the coming tax year
Customer: replied 5 months ago.
health permitting, I will be travelling and trading for several years

Don't forget to send a Form P85 to your tax office telling HMRC of your original departure date. That Department will then classify you as non resident. You will then not be liable to UK Income Tax (IT) on your FX account.

Customer: replied 5 months ago.
Thank you for the clarification

Delighted to have been of assistance.

Please be so kind as to rate me before you leave the Just Answer site.

Customer: replied 5 months ago.
Even if my FX account is UK based?

Indeed, but beware, you will have to pay tax somewhere.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.