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I am being made redundant in Singapore and considering moving back home to the UK anytime between April and August 2012.

I am currently in Singapore and will leave the company March 31st and will be paid severance in Singapore. I will be taxed in Singapore for my earnings in 2012. (Tax year Jan-Dec, so in this case Jan-when i leave).

The question I am seeking is that if i move back to the UK in 2012, will I be liable for taxes on my earnings/severance and any savings I transfer back too. :confused:
 

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I am being made redundant in Singapore and considering moving back home to the UK anytime between April and August 2012.

I am currently in Singapore and will leave the company March 31st and will be paid severance in Singapore. I will be taxed in Singapore for my earnings in 2012. (Tax year Jan-Dec, so in this case Jan-when i leave).

The question I am seeking is that if i move back to the UK in 2012, will I be liable for taxes on my earnings/severance and any savings I transfer back too. :confused:
It's a complicated area and you should speak to an accountant to be sure, but basically you are non-UK tax resident until you return. If you return on or after 6th April 2012, you won't be tax resident for 2011-12 tax year and anything you earn won't be subject to UK tax and you don't have to declare. Anything you earn after your return will be subject to UK tax, but if the money you receive is from the work carried out in previous tax year, it should not be UK-tax liable (but ask an accountant on this as there are complicated rules). Plus there is UK-Singapore tax treaty and you won't be taxed twice on the same income.

As for savings, it's only your interest you receive during the tax year in which you return to UK that will be subject to UK tax, not any capital (there is no wealth tax in UK). So while there should be no tax to pay, once you bring your savings over and deposit into or open a UK savings account, it will be subject to tax, except where you open a cash ISA account and you pay in the maximum allowed, which is £5640 for 2012/13, and there is no tax on any interest received.
 
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