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Savings and moving abroad

Last post Mon, Aug 20 2012, 10:24 PM by stavit. 2 replies.
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  •  Mon, Aug 20 2012, 10:24 PM

    Re: Savings and moving abroad

    HI LEAJEFF79.

    I have some points that may be of help. We moved to FRANCE some years ago & were fairly green regarding the tax systems here. The first thing i did was to purchase a book on the tax systems here by an ENGLISH company. The one i got was by BLEVIN FRANKS which is updated each year & was very good. The first thing you must do is to obtain the nescesary tax forms from the INLAND REVENUE to join the tax system in the country you move to. The next thing we found out was that when we visited our local area tax office was that by taking our income figures for the year they would fill in the tax forms for us at no cost, which we have done since then with no problems.The next thing you must check for are hidden taxes, here in FRANCE is the SOCIAL TAX which is in some cases more than the INCOME TAX & IS ON SAVINGS AS WELL. Another thing is that if you have an ISA in the UK without a UK address this will be closed by your bank as ours did without telling us. THE MOST EXPENSIVE THING WE HAVE HAD IS THE TOP UP MEDICAL INSURANCE TO COVER WHAT YOU DO NOT GET IN THE UK. WE ARE PAYING £3000 PER YEAR. Another cost you may need to check is if you are purchasing a property are the costs, we are in the final stages of selling our present house & the purchaser will be paying a total of nearly 25000 euros to the NOTAIRE & IMMOBILIERE. AS A FINAL COMMENT WE HAVE ENJOYED EVERY MINUTE HERE.

    stavit

    • Post Points: 5
  •  Mon, Jul 23 2012, 2:26 PM

    Re: Savings and moving abroad

    leajeff79:

    The small print of all of the bonds that I have money in specify that I must be a UK resident so I couldnt really live outside of the country and lawfully have the money in the bonds could I?

    I believe that you just need to be a UK resident at the start of the investment term. It's worth having a chat with the banks concerned. My experience is that you just need to notify the new (scandinavian) address. You will not be able to easily open new UK bank accounts while overseas so it might be useful to keep one current account open after you leave.

    There are double tax treaties with (all?) scandinavian countries. You should declare all investment income in both countries but you will only be taxed once. I expect that, as the full amount of UK tax will probably have been deducted at source in the UK, then there will be nothing further to pay on the UK investment income. Having "overseas" income does not avoid tax - it just means that it takes the authorities a little longer to find anything that you try to hide.

    • Post Points: 5
  •  Sun, Jul 22 2012, 11:15 PM

    Savings and moving abroad

    Hi there

    I'd appreciate some words of wisdom about a savings issue - I have a large sum of money in savings accounts in the UK and the prospect of emigration has come up. This may possibly happen in the next year. My query is regarding what to do with this money if I leave the country. The small print of all of the bonds that I have money in specify that I must be a UK resident so I couldnt really live outside of the country and lawfully have the money in the bonds could I? What happens if I leave the UK mid way through the term? I wouldnt really want to take the money with me to the country I may move to as it is scandanavian country where they pay a ridiculous amount of tax but I dont want to be a tax evader either. Mmmmm decisions!!!!

    Any help is appreciated.

    • Post Points: 35