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2020/10/19 at 8:04 am #87558Niwedita JaysawalKeymaster
Posted by Angusman , 1 reply
I am British passport holder and was born in Britain. I have been a resident in Venezuela for 25 years. I am self employed engineer. I would like to retire back to UK. I have substantial savings offshore and would like to buy a house in England and become a resident again. Do I have to pay UK tax on money I bring to UK ?
From UK.gov website, it stated that you may not need to pay tax if your permanent home is abroad.
Crediting the UK.gov website and quoting from it directly as follow:
” Working out if you need to pay
Whether you need to pay depends on if you’re classed as ‘resident’ in the UK for tax.
If you’re not UK resident, you won’t have to pay UK tax on your foreign income.
If you’re UK resident, you’ll normally pay tax on your foreign income. But you may not have to if your permanent home (‘domicile’) is abroad.”
You may read further from this official UK government website (https://www.gov.uk/tax-foreign-income/overview).
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