Expat Money Newsletter - January 2018

Welcome to the first Expat Money Newsletter in 2018. British expats, even if out of the country for a long time, can still be liable to be taxed in the UK. Ahead of the filing deadline, make sure you have no tax to pay – or fill in a return. Expat Network’s online Service Directory includes companies to assist with your life overseas. This month we profile Tax Services.

British Expats And The Statutory Residence Test

Tax residence is not an issue that most of give much thought to. As a British taxpayer you are subject to tax on your worldwide income and any capital gains unless you are not UK resident. So when you spend all or part of the year abroad the issue comes in to sharp relief as it can be fundamental to whether we are liable to UK tax or not. The Statutory Residence Test (“SRT”) determines whether you will be liable for UK income tax.

Non-Resident Capital Gains Tax

Are you non-resident for UK tax purposes and own UK residential property? If so, did you know that if you sell your UK property you have an obligation to file a Non Resident Capital Gains Tax Return (NRCGTR) within 30 days of conveyance?

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Best Savings Rates In Expat Banking

The best current offering for sterling offshore savers is Skipton International’s 1.25%, if you have £10,000 and can give 200 days’ notice of withdrawals.

You can beat this rate if you can leave your savings untouched for three years. Skipton International offer 1.5% annually over this period for a £10,000 minimum.

For dollars, Standard Bank pays 1.05% for $10,000 or more, with 196 days’ notice.

Saudi Arabia and UAE Introduce 5% VAT

The Middle East has long been associated with tax-free living, but from January 1st United Arab Emirates and Saudi Arabia 5% VAT on most goods and services.

The introduction of VAT follows the recommendation from the IMF that oil-exporting countries in the Gulf introduce taxes as one way to raise non-oil revenue. Forbes reports that although it threatens to slow economic growth at a time when it is already sluggish, the UAE is expected to raise around $3.3 billion from the tax.

With Weak Pound, Expats Are Keeping The Rural Property Market Alive

Hugh Graham writing in The Sunday Times sets out how the weakness in the sterling rate as a result of Brexit is enabling expats to snap up bargains and buy their dream home in the country back in the UK.

The statistics support the anecdotal evidence that this is having an impact on the market.

Expat Living – Winter Edition

See the latest Expat Living magazine. How easy is it to live and work in the US? Which is the best way to send foreign currency? Oil brings foreign workers to Azerbaijan - what are conditions like? Risks are increasing - are you prepared & protected for moving abroad?

Don’t Miss Your Latest Jobs Newsletter

Expat Network circulates a Jobs newsletter every month, the latest considering evidence of confidence returning to the oil and gas market and examining some of the implications of the joint agreement on Brexit for British expats. If you have missed the latest newsletter you can view it by clicking below.

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