Quote:
Originally Posted by DmE
Elphaba - i am coming out to work in Abu Dhabi in August and plan to stay for 2 years. I will be sending money back every months to meet committments. Are there limits on what i can send back - should I save offshore or put the money in a savings account back here? From what i have been told as well as notifying the Revenue & Customs via IR85 you can notify your Bank and they will not tax your interest..
Why is nothing ever straight forward!!! I appreciate your views on this
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Limits depend you whether you will be fully non-residen for all the time you are away. Even if you do end up with a partial liability (possible for part tax years) you still retain your annual personal allowance (£5,435 in 2008/09)and would no liability for income remitted to the Uk under that figure.
For most bank/deposit/savings account you can complete HMRC form R85 to claim gross interest.
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