Purchase of Irish ETF listed in London for UK non-dom - remittance risk?

[lostdude]

Just as the OP did, I would also want to know the rules and laws on this. As a tax paying citizen, I would ideally like to know this from HMRC directly.

Does the law actually say one needs to get paid expensive advice ?

This looks good enough to me with HMRC referenced links : https://chatgpt.com/share/673b8e70-e9d8-8002-aed8-9ae8ee5e0ce6

[lostdude]

Just as the OP did, I want to know the rules and laws on this. As a tax paying citizen, I would ideally like to know this from HMRC directly.

Does the law actually say one needs to get paid expensive advice ?

This looks good enough to me with HMRC referenced links etc : https://chatgpt.com/share/673b8e70-e9d8-8002-aed8-9ae8ee5e0ce6

[lostdude]

Apologies. Posted twice.

Mods, kindly delete last post if possible.

Many thanks.

[darthblingbling]

Law says you need to take reasonable care. There was a tribunal recently where the appellant used chatGPT, the advice was 'hallucinated' in parts, reasonable care deemed to not have been taken.

[lostdude]

appreciate that chatGPT can hallucinate, but it has also given me actual HMRC links. Also, the explanation in the first three posts in this thread apply to me just as well. In fact, had I read the OP's post carefully I would not even have bothered to post what I did. I assumed that in OP's case there was no element of choice but after reading carefully it is the same as my situation. We both had an element of choice - whether to buy LSE listed ETF or not.

I believe I have taken reasonable care by researching this thread, comparing the facts of my case to the OP's, and coming to a logical conclusion that the reasoning eloquently used by the first three posters, especially the point about "relevant persons", do indeed apply in my situation too. I can certainly represent myself in a court of law and explain this if challenged. I dont need Johnny Cochran.

I wish I could continue the discussion on the actual post like the first three posters did, but sadly no one is interested in that discussion for some strange reason. Instead the thread has veered off in some other direction. Perhaps all that needs to be said has already been said in the first three posts and there is nothing new to add and that is certainly a fair point.

Anyway I will stop here, No use continuing this thread.

[lostdude]

Spoke to a tax advisor (who deals with international taxation) in a well known company just now. Got free advice in the first few minutes. Very kind of them : My recent purchase of offshore ETF using offshore money and offshore broker is not a remittance even if the trade occurred in LSE. He told me not to worry about it.

Regarding clearing the old tax pre-2008, yes, they would need to work it out and it does look like I would have to pay UK tax (if I am going to remit). He also gave me another news - From Apr 2025, there is likely going to be a 12% "repatriation facility" tax so I can remit the whole thing. This 12% will be only on the untaxed income. The details need to be worked out, whether I can get Foreign tax credit relief etc etc.

This advisor is good, worth investing some time and money on. Time to make an appointment, clarify everything and sort it all out.

Will not name them here but if anyone wants the name please PM me.

Thats all.

[AGoodman]

That was "maths"' very first response 7 years ago...

Yes, the facility is very generous. You don't have to actually remit the funds, just identify them and elect to pay tax.

[lostdude]

Awesome, thank you, "AGoodman" !

[AGoodman]

On foreign tax credits: you won't get any tax credits under the 12% facility but, in theory, you only pay the tax on the income net of the foreign tax. It means that, on £100 of income with a £10 foreign liability, you would pay a further £10.80; rather than £2 if the foreign tax operated as a credit.


para 122 at https://assets.publishing.service.gov.uk/media/672105124da1c0d41942a8a8/Reforming_the_taxation_of_non-UK_individuals.pdf