Boring Inland Revenew Question

[albert]

I am not resident in the UK although I still have a bank account there and a permanent address there. I don't work there and so have no income going through my accounts but I am just about to put a large amount of money into one account on a temporary basis (until I can open a new bank account in my new location). Will the Inland Reveniew (sp?) tax me claiming this is disposable income? And if so how will they do it. Sorry, I've been out of the UK for so long I've totaly lost touch with how things work there.

No they shouldn't do but you are liable for any tax on the income from the deposit, and any other accounts, over and above the personal allowance. If you hold money in UK I think you should be filling in an annual tax return anyway.

You could phone the Revenue to confirm, but if you are non-tax resident in this country the money won't be taxable here (the interest earnt, however temporarily, may be taxable in the country where you are tax resident).

Have you deregistered for tax in the UK? And does any tax get taken from the interest on the account you still have here? (The bank will automatically take 20% from you unless you tell them otherwise)

Oh, I think I should be OK then. I have to accept the tax on the interest though but fair enough, it'll only be for a short time. How do I deregister for tax? I left in 1989 and came back for one year in 1993 but since then there has been virtually no movement in my accounts and certainly no regular income. What is the personal alowance level, I haven't a clue

If you have a look here and scroll down there is info on various aspects of tax regarding Non Residents, including deregistering.

hth

Thanks, that looks like good Friday night reading...how exciting is my life huh!?

The annual tax-free allowance is £4,895 currently so if any interest is likely to be less than this and you have no other UK source income then I would ask your bank for form R185. If you tick the non-ordinarily resident box you can arrange for the interest to be paid gross.
If you haven't been receiving tax returns there is no need to 'deregister' as such - the UK has a self-assessment system so if you conclude that you have no taxable income and haven't already received a tax return form then there is no need to fill in a form.