Hi, just enquiring if Portugal has a double taxation agreement with the UK? This regarding my private and state pensions which I believe will be taxed at source in the UK. Many thanks, Dave.
For ISAs, what do you mean by ‘moving abroad’? If you retain UK citizenship but work abroad for a few years are you still restricted from contributing any more to the ISA? If you retain UK citizenship would you be basically fine in any situation? Would love this answered!
Nice clear video! However I do still have a question: after 8 years living in Germany, I would like to move my state & private corporate pension to Germany as I have no wish or plan to return to the UK. Unfortunately my pension funds is not connected to a QROPS scheme code. Is it possible to move away without QROPS?
Currently a digital nomad abroad, returning to uk Feb 2023. Could I either arrange a phone call with you, or perhaps a meeting next year. Cheers Dominic
D Coakley 10 minutes ago Im having some similar issues having moved abroad to within the EU. I still have UK companies and im paid dividends and a salary. The bank accounts for some of these limited companies are all UK high street banks and my mother's address is used as no longer domiciled in the UK. I had wondered if there were UK banks that would allow this setup for business? I use Revolut and im paid in Sterling and then exchange to Euros for very little. I may purchase UK investment property in the future too. How does this work? Any help much appreciated.
Thanks for the clear and informative video, I have a question I just rang my PRIVATE pension provider UK (Standard Life) and was informed that my only option on reaching retirement age was to Cash in my Pension plan and two annuities because I now live overseas (Cyprus.) They also informed me that I would also get heavily taxed for cashing in my plans. Is this true ?
I hear that you can leave your private UK pension where it is and then get them to pay the withdrawals/income from the pension into your foreign bank account (if they support that) or into a UK account where you can do the currency transfer yourself. You are then taxed in your domiciled country on this income as foreign income along with all your other income. I am no expert, verify it all please - just my own small amount of research here.
Thanks! I have since made improvements to the sound in my newer videos. Sadly this is one of the older ones, when I was still getting to grips with how things work :)
It depends on the situation. Whether the income is sourced, if there is a double taxation agreement are a few questions. If there is a specific scenario that you had in mind, let me know and I can look into this :)
@@FinancialMadnesshere in austria there seems to be differnence of opinion as to whether uk private pension income is taxed as capital gain or regular income . Are there any views on this from elsewhere ?
Is it possible to keep a UK bank account open as a non-resident? I thought that they need to be closed (I checked with Starling Bank and I was told that they cannot keep accounts open to non-residents).
@@Marco-w2l I had my bank account "closed" while living abroad. Suddenly I couldn't use my debit card. They told me I have to come into the branch. I flew back to the UK and they told me that they will not give me a new debit card. They gave no explaination for this. This left me to have to open with another bank since effectively I couldn't use the account. It is best to find a bank account that allows you and know you live abroad to avoid any headaches.
I just came across your video, I have a UK stocks and shares ISA which has made a good profit of my investment, I know when I move abroad (Cyprus) I cant fund it anymore unless I return but my question is and I know Cyprus will tax any paid dividends from the ISA but will they tax profit from the sale of shares, thank you.
Hi BR, Thanks for the comment and congratulations on your profitable investment. With regard to your question, the tax treatment of profits from the sale of shares will depend on the tax laws in Cyprus. In Cyprus, capital gains from the sale of shares are generally subject to tax. (20%) But as I am not tax expert, so I cannot confirm for certain what the tax treatment is for this case. I would recommended that you seek the advice of a qualified tax professional in Cyprus who can guide you on the specific tax implications of selling shares in the UK stocks and shares ISA after you move to Cyprus.
Thanks for this video very helpful. I'm moving abroad but keeping my house and paying the mortgage still. Would I need to contact my bank/mortgage provider to let them know? Do I also need to let the council and HMRC know I'm moving as well? I will be on a spouse visa so I won't be earning whilst abroad and will stop paying NI and student loans. Not sure if you can help but TIA as it is confusing!
Hi there, thank you for the kind comment and I am glad you found the video helpful. Apologies for the delay in response, I have taken some time off and just catch up: Given your example: 1) Bank/Mortgage Provider: Yes do tell them 2) Local Council: Yes do tell them 3) HMRC: Yes do tell them. 4) Student Loans: Yes do tell them Its always important to tell bodies that you currently pay too any changes in your situation.
I would not stop paying National Insurance contributions. You can call up HMRC or the Works and Pensions and find out how you can pay whilst abroad. This can be done by setting up a standing order. If you are going to rent out your home, you might need to change your mortgage to a buy to let. Yes, if you are going to rent out the house. If the house is going to be empty, you will still need to pay your council tax. If the house is going to be rented out you will need to file taxes annually. I would set up a government gateway before leaving. That way you can check your tax filing, check your national insurance payments, or check to see if you are any gaps in your national insurance contributions.
@@DinoSpumoni213 I think he was saying paying NI since your rental income is taxed as income. Though I'm not sure you would have to pay it being that you are not resident in the UK. Selling your house was a good decision. If you put that money into a global ETF fund you will have better growth and less taxes when selling any. Since capital gains tax is lower than income tax and also the ETF is liquid and can be sold anytime. Not only that but all the costs involved with renting a property out is also a nightmare with repairs and agent fees .
Hi, if I moved abroad and let out my UK property, declared the rental income as a sole trader for tax purposes. Would I still get a UK basic state pension?
There are many opportunities available to people in the UK, such as free healthcare and free schooling for 5-18-yearolds. Although we have those, that doesn't mean our country is perfect because the taxes are very high, so it's hard for people to save and invest. That's why people prefer to go abroad for their permanent residences or retirements.
@@ST-ff7pf and taxes are so high for example we have to pay road tax but are they fixing the roads? no, not really the government keep on making us pay stuff like the low emission zones and carbon tax or whatever
@@ST-ff7pf This is one of the things that I hate about the UK. They will sell off their most precious assets to the greedy Americans,. whose primary goal is just money. One look at the disastrous health care system in the US, should be a warning to anyone not to sell their precious assets to the Americans
Great video, clearly explained too- thank you! I would like to know if I can claim my pension early if moving to an EEA area? I am currently of pre-pension age.
Thank you for the kind comments. It does depend on pension schemes, but most schemes won't let you access your pension before the pension age. If they do, it usually comes with a penalty or an exception (i.e. Terminally ill).
Fantastic value packed video!!! Thank you!
Thank you! I am glad you found it helpful ❤️
Thank you. Really grateful for the explanation 🙂👍👏
You are very welcome! I am glad it was helpful
Hi, just enquiring if Portugal has a double taxation agreement with the UK? This regarding my private and state pensions which I believe will be taxed at source in the UK. Many thanks, Dave.
Amazing video
Glad you think so! ❤️
interesting but you need a proper mic
For ISAs, what do you mean by ‘moving abroad’? If you retain UK citizenship but work abroad for a few years are you still restricted from contributing any more to the ISA? If you retain UK citizenship would you be basically fine in any situation? Would love this answered!
Nice clear video! However I do still have a question: after 8 years living in Germany, I would like to move my state & private corporate pension to Germany as I have no wish or plan to return to the UK. Unfortunately my pension funds is not connected to a QROPS scheme code. Is it possible to move away without QROPS?
Thats what I exactly want to know!
Is it possible to trade in the ISA accounts once you are non resident?
Currently a digital nomad abroad, returning to uk Feb 2023. Could I either arrange a phone call with you, or perhaps a meeting next year. Cheers Dominic
D Coakley
10 minutes ago
Im having some similar issues having moved abroad to within the EU. I still have UK companies and im paid dividends and a salary. The bank accounts for some of these limited companies are all UK high street banks and my mother's address is used as no longer domiciled in the UK. I had wondered if there were UK banks that would allow this setup for business?
I use Revolut and im paid in Sterling and then exchange to Euros for very little.
I may purchase UK investment property in the future too. How does this work?
Any help much appreciated.
Thanks for the clear and informative video, I have a question I just rang my PRIVATE pension provider UK (Standard Life) and was informed that my only option on reaching retirement age was to Cash in my Pension plan and two annuities because I now live overseas (Cyprus.) They also informed me that I would also get heavily taxed for cashing in my plans.
Is this true ?
I hear that you can leave your private UK pension where it is and then get them to pay the withdrawals/income from the pension into your foreign bank account (if they support that) or into a UK account where you can do the currency transfer yourself. You are then taxed in your domiciled country on this income as foreign income along with all your other income. I am no expert, verify it all please - just my own small amount of research here.
cant hear you unless i put my speaker to 100
Thanks! I have since made improvements to the sound in my newer videos. Sadly this is one of the older ones, when I was still getting to grips with how things work :)
Hi. How much National insurance I need to pay to qualify for state pension
At least 35 years full Nl contributions. Type "check my state pension" into Google
Seriously?!? You want someone to write you an explanation instead of you just googling it?
For maximum outcome 35 years.
What about Tax and moving out of the UK as a UK Citizen (leaving the UK to live and work abroad)
It depends on the situation. Whether the income is sourced, if there is a double taxation agreement are a few questions. If there is a specific scenario that you had in mind, let me know and I can look into this :)
@@FinancialMadnesshere in austria there seems to be differnence of opinion as to whether uk private pension income is taxed as capital gain or regular income . Are there any views on this from elsewhere ?
Is it possible to keep a UK bank account open as a non-resident? I thought that they need to be closed (I checked with Starling Bank and I was told that they cannot keep accounts open to non-residents).
They would never know....
@@Marco-w2lproblem is- when /where they send a debit card to you or a letter
@@Marco-w2l I had my bank account "closed" while living abroad. Suddenly I couldn't use my debit card. They told me I have to come into the branch. I flew back to the UK and they told me that they will not give me a new debit card. They gave no explaination for this. This left me to have to open with another bank since effectively I couldn't use the account. It is best to find a bank account that allows you and know you live abroad to avoid any headaches.
I just came across your video, I have a UK stocks and shares ISA which has made a good profit of my investment, I know when I move abroad (Cyprus) I cant fund it anymore unless I return but my question is and I know Cyprus will tax any paid dividends from the ISA but will they tax profit from the sale of shares, thank you.
Hi BR,
Thanks for the comment and congratulations on your profitable investment.
With regard to your question, the tax treatment of profits from the sale of shares will depend on the tax laws in Cyprus.
In Cyprus, capital gains from the sale of shares are generally subject to tax. (20%) But as I am not tax expert, so I cannot confirm for certain what the tax treatment is for this case.
I would recommended that you seek the advice of a qualified tax professional in Cyprus who can guide you on the specific tax implications of selling shares in the UK stocks and shares ISA after you move to Cyprus.
@@FinancialMadness Ok thanks, I will seek advice
Thanks for this video very helpful. I'm moving abroad but keeping my house and paying the mortgage still. Would I need to contact my bank/mortgage provider to let them know? Do I also need to let the council and HMRC know I'm moving as well? I will be on a spouse visa so I won't be earning whilst abroad and will stop paying NI and student loans. Not sure if you can help but TIA as it is confusing!
Hi there, thank you for the kind comment and I am glad you found the video helpful. Apologies for the delay in response, I have taken some time off and just catch up:
Given your example:
1) Bank/Mortgage Provider: Yes do tell them
2) Local Council: Yes do tell them
3) HMRC: Yes do tell them.
4) Student Loans: Yes do tell them
Its always important to tell bodies that you currently pay too any changes in your situation.
I would not stop paying National Insurance contributions.
You can call up HMRC or the Works and Pensions and find out how you can pay whilst abroad. This can be done by setting up a standing order.
If you are going to rent out your home, you might need to change your mortgage to a buy to let.
Yes, if you are going to rent out the house. If the house is going to be empty, you will still need to pay your council tax.
If the house is going to be rented out you will need to file taxes annually. I would set up a government gateway before leaving. That way you can check your tax filing, check your national insurance payments, or check to see if you are any gaps in your national insurance contributions.
@@shirmelduggins9984 thanks for your reply. Can I ask why you recommend paying national insurance still?
Also I've decided to sell the house.
@@DinoSpumoni213 I think he was saying paying NI since your rental income is taxed as income. Though I'm not sure you would have to pay it being that you are not resident in the UK. Selling your house was a good decision. If you put that money into a global ETF fund you will have better growth and less taxes when selling any. Since capital gains tax is lower than income tax and also the ETF is liquid and can be sold anytime. Not only that but all the costs involved with renting a property out is also a nightmare with repairs and agent fees .
I left UK in june, how can I get my PAYE tax back ?
if you made 10 years contributions you qualify for a percentage of a pension when you are old enough
Hi, if I moved abroad and let out my UK property, declared the rental income as a sole trader for tax purposes. Would I still get a UK basic state pension?
if you have paid NI then yes.
There are many opportunities available to people in the UK, such as free healthcare and free schooling for 5-18-yearolds. Although we have those, that doesn't mean our country is perfect because the taxes are very high, so it's hard for people to save and invest. That's why people prefer to go abroad for their permanent residences or retirements.
All those "free" services are becoming private under a corrupt tory government. So enjoy it while it lasts.
@@limpep 100% I agree with you
@@ST-ff7pf yesss the laws/rules are changing the healthcare system is alright in the UK
@@ST-ff7pf and taxes are so high for example we have to pay road tax but are they fixing the roads? no, not really the government keep on making us pay stuff like the low emission zones and carbon tax or whatever
@@ST-ff7pf This is one of the things that I hate about the UK. They will sell off their most precious assets to the greedy Americans,. whose primary goal is just money.
One look at the disastrous health care system in the US, should be a warning to anyone not to sell their precious assets to the Americans
Great video, clearly explained too- thank you!
I would like to know if I can claim my pension early if moving to an EEA area? I am currently of pre-pension age.
Thank you for the kind comments.
It does depend on pension schemes, but most schemes won't let you access your pension before the pension age. If they do, it usually comes with a penalty or an exception (i.e. Terminally ill).
So basically when I move abroad I need to wait until I’m 57 to get my money back.. lovely innit