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Where Taxpayers and Advisers Meet

Foreign profit share and UK tax

plvermeer
Posts:1
Joined:Thu Nov 02, 2017 6:05 pm
Foreign profit share and UK tax

Postby plvermeer » Thu Nov 02, 2017 6:29 pm

I lived and worked in Norway until 10 years ago. During this time, as part of my employment package, I received profit share, which the company put into a deferred profit share fund.
Now I have lived and worked in the UK since 2009. Last year the profit share fund paid out my share, in Norway, where it was taxed as income. I wonder if I should report this pay-out as foreign income on my UK tax return. The way I prefer to see it is that the profit share was earned while I was employed in Norway, nothing to do with the UK, apart from any gain in value during my time in the UK. Unfortunately, filing a tax return as a non-dom on the remittance basis is no longer a good option for me.

Thank you for any suggestions.
PV

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