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Where Taxpayers and Advisers Meet
remitting offshore funds
I have working as a uk self-employed consultant in France for a couple years now and i wish to return to UK to take up residence and work.I pay tax in france NI in UK. I have some money that is in an offshore bank account, this money hasn't been taxed. Is it possible to bring this money back into UK? When is the best time to do this, before leaving France or after entering UK?
-
Nigel Lord
- Posts:518
- Joined:Wed Aug 06, 2008 2:18 pm
Vinny
You do not state the dates that you have spent offshore. Assuming that you were non-UK resident for the whole of one tax year (ended 5 April 2003?), and the income relates to a period when you were not UK resident, it would not be taxable in the UK and may therefore be remitted without any UK income tax liability.
On your return to the UK, you should submit form P86 (see link):
http://www.inlandrevenue.gov.uk/cnr/p86.pdf
to confirm the date that you will resume UK tax residence. Any global income arising after that date will be taxable in the UK.
If you have been tax resident in France, then the income may be taxable there and you should seek local advice.
If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
You do not state the dates that you have spent offshore. Assuming that you were non-UK resident for the whole of one tax year (ended 5 April 2003?), and the income relates to a period when you were not UK resident, it would not be taxable in the UK and may therefore be remitted without any UK income tax liability.
On your return to the UK, you should submit form P86 (see link):
http://www.inlandrevenue.gov.uk/cnr/p86.pdf
to confirm the date that you will resume UK tax residence. Any global income arising after that date will be taxable in the UK.
If you have been tax resident in France, then the income may be taxable there and you should seek local advice.
If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
