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Does anyone know anything about tax law and offshore disclosure arrangements?

(15 Posts)
bodiddly Thu 21-Jun-07 18:55:57

I need some advice .. just wondered if anyone knew anything about this sort of thing!

Ladymuck Thu 21-Jun-07 18:59:10

Well you're running out of time...deadline is tomorrow.

Perhaps if you were to ask a more specific questions someone might be able to help?

bodiddly Thu 21-Jun-07 19:06:47

Nothing serious really just not sure if there is a state of limitations on the length of time you are liable for back tax on?

Ladymuck Thu 21-Jun-07 19:23:13

HMRC have discovery powers going back for 20 years (though would have to check precisely 20 years from when - current date or beginning/end of current tax year).

bodiddly Thu 21-Jun-07 20:09:55

Thanks Ladymuck .. I dont think I have a problem just not entirely sure on minor interest .. I only use the account to shuffle money for holidays etc.

mumtwogirls Fri 22-Jun-07 03:42:02

I'm a bit worried as I have offshore accounts but my Domicile is South Africa and am a UK resident and married to a British citizen. Any money I have brought over here has been Capital but my accountant has said it is now income and will now be taxed. So I feel stuffed as I wanted to bring more money in to do some work on the house. How much will I be taxed on now?

mumtwogirls Fri 22-Jun-07 13:40:42

Bump, I sent this at a ridiculous time of the day but couldn't sleep as this was on my mind.

Bumpity bump.

poppy34 Fri 22-Jun-07 19:42:34

ladymuck -do you mean taxed on what you bring over in future or what you have already brought over?

spongecake Fri 22-Jun-07 21:40:58

hi there
if you are resident non domicile i don;t think you should be taxed on your off shore accounts, if the funds were not earned or inherited in the uk.

your accountant (no disrespect) may not understand the difference if they are not used to working with this. I suggest you contact a tax lawyer or a specialist accountant for resident non domicile.

Ladymuck Fri 22-Jun-07 22:10:18

But if you then remit the money to the UK, and you are UK resident, then it can be taxed, even if you are not domiciled here. Typically you will have paid tax on it elsewhere (as income/gain) but possibly SA doesn't have capital gains tax? If you have already paid tax, then usually you will be able to claim a credit for foreign tax against your UK tax liability. If you haven't paid overseas tax on the income then you may need to look at another way of funding the work on your house. There will be specific tax planning opportunities around this, but you will have to pay for the details!

mumtwogirls Fri 22-Jun-07 22:17:35

Oh heck now I'm really confused!

Ladymuck Fri 22-Jun-07 22:23:19

Did you pay tax (somewhere) on the money when it was first earned?

mumtwogirls Fri 22-Jun-07 22:31:48

no

spongecake Sat 23-Jun-07 21:51:26

ladymuck is right, if it hasn;t come under UK jurisdiction, you don't get taxed on it here (think this is so)
is your money in SA? don;t you as a SA have to declare it if its not? be v careful!

mumtwogirls Mon 25-Jun-07 16:49:14

Money is not in SA. However thanks for some kind of reassurance. We will just have to wait and see. I am waiting to hear from the bank about this too.

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