Originally Posted by Cowtown

This is completely wrong. It is taxed again just that the tax you paid in the UK is 'converted' to a credit so you get a reduction in the tax due. There are some very complicated rules relating to foreign tax credits so in some cases this might mean you dont recover all of your tax. It does not 'stand alone' - its added to the rest of your income.

Plus you need to remember that you calculate your profit under Canadian law and not UK law.

Originally Posted by Dying to leave England

Totally agree with Cowtown here.

All those intending "not to declare" income earned in the UK are skating on very thin ice. If the authorities find out it will be bye bye Canadian dream (unless you are a citizen) and a hefty fine/imprisonment - all for the sake of saving, what is likely to be, relatively small cash. :scared:

Originally Posted by ajphilpott

Without wanting to pour oil on troubled waters, if the money (rather than income) is derived in the UK and stays in an offshore or UK account, there is no need to declare it and it can sit there for as long as you want? Thus there is a key difference between income and money received depending on where you receive it....

Originally Posted by ajphilpott

Without wanting to pour oil on troubled waters, if the money (rather than income) is derived in the UK and stays in an offshore or UK account, there is no need to declare it and it can sit there for as long as you want? Thus there is a key difference between income and money received depending on where you receive it....