ExPat Mortgages
Join Date: Sep 2007
Location: uae
Posts: 62
Likes: 0
Received 0 Likes
on
0 Posts
With regards to residency and ties. 23 days is wrong. Google the SRT
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.
Join Date: Mar 2007
Location: Dubai
Posts: 13
Likes: 0
Received 0 Likes
on
0 Posts
I think to qualify for HSBC Premier in UAE you now only need a salary of 50k plus, including housing allowance. That then qualifies you for Premier status in the U.K. Better value than investing your money in their savings.
Join Date: Mar 2001
Posts: 23
Likes: 0
Received 0 Likes
on
0 Posts
EXPAT MORTGAGES; FOR NON-UK RESIDENTS & FOREIGN NATIONALS
Kevin Sewell....Just did mine....knows his stuff...I don't usually recommend one, but this chaps good. Will even come to the hotel when you Layover in the UK...just took the stress out of all the S&*t that the lenders want...
Kevin Sewell....Just did mine....knows his stuff...I don't usually recommend one, but this chaps good. Will even come to the hotel when you Layover in the UK...just took the stress out of all the S&*t that the lenders want...
Join Date: Oct 2015
Location: Midlands
Posts: 161
Likes: 0
Received 0 Likes
on
0 Posts
With regards to residency and ties. 23 days is wrong. Google the SRT
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.
Statuary Residency Test
Case 1
Less than 40 days - non resident
Case 2 More than 180 days - resident
Case 3 In between. Allowable days dependent on ties.
Family tie
Accommodation tie
Employment tie
More than 90 days in the previous year - 90 day tie
Total number of ties determine how many days you can spend in the UK before being considered a tax resident. Be careful on the definition of a day.
Be particularly careful WRT capital gains tax. Non res. no capital gains on off shore assets.
UK res. Capital gains applied to worldwide assets.
Also look in to Split Year Tax rules. If you sell up before you repatriate you may be considered non res before the date you repatriate.
It's all there in black and white on HMRC web site. A big step forward from a rather arbitrary decision by HMRC on the concept of domicile.
But if your thinking of going home the capital gains tax is the big one. Don't get that wrong.
Good to know that the HSBC UAE have lowered their Premier eligibility requirements.
[QUOTE=
Good to know that the HSBC UAE have lowered their Premier eligibility requirements.[/QUOTE]
I believe the 50k AED/month is for the first year, after that you need a minimum balance of 350k AED in the account to maintain Premier status...likewise in UK you need to maintain a balance of £50K.
Good to know that the HSBC UAE have lowered their Premier eligibility requirements.[/QUOTE]
I believe the 50k AED/month is for the first year, after that you need a minimum balance of 350k AED in the account to maintain Premier status...likewise in UK you need to maintain a balance of £50K.
There are all sorts of ways around the residence tests, HMRC are actually in my experience rather pragmatic about the whole thing, that's not to say they can't be a pain in the arse either.
I know of several Skippers here at EK who through a good understanding of how the family ties element is put in place...automatically fall into the 180 day category, so it can and is being done.
I know of several Skippers here at EK who through a good understanding of how the family ties element is put in place...automatically fall into the 180 day category, so it can and is being done.
