Uk Ex Pats Tax Allowance

[Robin Hilborne]

There are reports in the UK press that the UK Government are considering removing the tax allowance currently £10,000 from expats. On the face of it that means a 20% tax hike on pensions first £10K. My MP has written to the Chancellor for clarifacation. see attached

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26-8-14- Letter to George Osborne MP on behalf of Robin Hilborne.pdf

[Methersgate]

There are reports in the UK press that the UK Government are considering removing the tax allowance currently £10,000 from expats. On the face of it that means a 20% tax hike on pensions first £10K. My MP has written to the Chancellor for clarifacation. see attached

 

Thank you. I had missed this rather catastrophic idea. You have the right MP for the job - worth ten of mine.

 

None the less I will write to mine.

 

What more is to be done? 

[Robin Hilborne]

Hi all 

I have received the following from my MP see attached

Briefing from House of Commons Library on Personal tax allowance changes for British expats1408-101.docx

[Methersgate]

Thanks. Had a quick read through, and will read it again in the morning when I am brighter!

[popeye72 ]

How will they know where your living. I know I will be keeping an Irish address when I retire.

[Jack Peterson]

What more is to be done? 

 

Until the Consultations are complete i would not worry too much. As it stands, we are covered here, as the Uk has both these agreements in Place. However the consultation may try and remove this but it will take time. 

 

The government will consult on the possibility of people not resident in the UK losing their personal allowance.  This means it is not law yet.

How this works?

Currently a British National or EU National with e.g. Rental Property income is entitled to a full UK personal allowance (£10,000 with effect from 6^th April 2014).

The means that provided expats are living within the EU or outside the EU but within a country with a close tax and social security agreement with the UK, you get to keep your personal allowance on the UK and can “earn” up to £10,000 per year from the UK tax free.

however The consultation may, look to wipe this out. 

 

I linked in another piece for reading.

 

http://www.financialadvice.net/budget_2014_expats_could_lose_uk_tax_allowance/zone/7644

The previous piece, was good reading but like most official, letters and reports, are sometimes, Gobbledy Gook to me. This is much easier to relate to.

 

 

Good Morning all  JP :tiphat:  :morning1:

[Jack Peterson]

 

What more is to be done?

 

Until the Consultations are complete i would not worry too much. As it stands, we are covered here, as the Uk has both these agreements in Place. However the consultation may try and remove this but it will take time. 

 

The government will consult on the possibility of people not resident in the UK losing their personal allowance.  This means it is not law yet.

How this works?

Currently a British National or EU National with e.g. Rental Property income is entitled to a full UK personal allowance (£10,000 with effect from 6^th April 2014).

The means that provided expats are living within the EU or outside the EU but within a country with a close tax and social security agreement with the UK, you get to keep your personal allowance on the UK and can “earn” up to £10,000 per year from the UK tax free.

however The consultation may, look to wipe this out. 

 

I linked in another piece for reading.

 

http://www.financialadvice.net/budget_2014_expats_could_lose_uk_tax_allowance/zone/7644

The previous piece, was good reading but like most official, letters and reports, are sometimes, Gobbledy Gook to me. This is much easier to relate to.

 

Good Morning all  JP :tiphat:  :morning1:

 

 Hi folks, just Bumping this to see if we have any more news and/or reactions.

 

 

Thank you

 

:tiphat: