Quote:
Originally Posted by Elphaba
Firstly bear in mind that the act of leaving the UK does not make you automatically non-resident for tax purposes. You need to complete and return HMRC P85 and if you leave part way through a tax year (as opposed to at the very start) you would need to remain non-resident for several years for all your earnings to remain tax-free.
If you bring monies back onshore when if you take up residence again you are liable to tax, so you need to move monies gradually taking into account annual allowances. It is always best to plan a return to the UK at least a full tax year ahead.
Even if you are a UK resident you may keep monies in an offshore account, but will have a tax liability on any money that you take onshore.
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Elphaba - thank you for this information. I have just been offered a job as legal counsel for Du Telecom and will be looking to move to Dubai from London sometime mid-August. I am doing some research on tax because I had heard that I may have a tax liability when I eventually return to the UK. I have printed off some information from the Inland Revenue website but ideally I would like to find a tax advisor. I note that you are an IFA - are you able to give personal tax advice or can you recommend anyone?
Thanks,
Juliette