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Where Taxpayers and Advisers Meet

Potential return to UK as tax resident

Sharky24
Posts:1
Joined:Sat Aug 28, 2021 5:14 pm
Potential return to UK as tax resident

Postby Sharky24 » Sat Aug 28, 2021 5:25 pm

Hi

We (both UK citizens) left the UK over 21 years ago and have been living and working in various countries. We now have the opportunity to quit work and spend a couple of years scoping out places to retire to. We have sufficient funds to live on, travel etc but the EU country that we are currently resident in has a "wealth" tax that effectively taxes your savings (which have already been taxed) each year.

If I am not working or receiving any other regular income will I be taxed on the savings that we'll be living off each year or are they safe from the grasping hands of HMRC? I understand that interest received from savings will be taxed but as the returns these days are negligible (we don't invest) I can't see that being an issue.

For info, the funds we have are from voluntary separation of previous employment and the sale of our primary residence in our current country of residence.

We'd likely be out of the UK a lot of the time during the next couple of years.

Thanks

AGoodman
Posts:1286
Joined:Fri May 16, 2014 3:47 pm

Re: Potential return to UK as tax resident

Postby AGoodman » Thu Sep 02, 2021 1:28 pm

There's no wealth tax in the UK.
If you have any form of pension, that could be liable to income tax.


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