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Saving Options in the UK whilst working in KSA

Saving Options in the UK whilst working in KSA

Old Jan 23rd 2021, 1:44 pm
  #1  
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Question Saving Options in the UK whilst working in KSA

Hello -

I'm starting work in KSA on 1st Feb and my firm paid for EY tax services to go through my situation and I'm now finally clear on my tax obligations and how many days I can spend in the UK (90 days or less) etc which has been a huge help. During the session with EY they did advise that from 1st Feb I shouldn't invest in my existing Stocks ISA as I would be deemed as non-resident. Therefore I should look to open a general savings account in the UK but this would be liable to tax over a certain % of interest earned in a given tax year.

I've spent a few hours this morning trying to explore possible options similar to Shares/EFTs but not found anything useful. Does anyone have experience in this area who can advise what I should look for? Alternatively, I could let my wife open a Stocks ISA (she's remaining in the UK) and she can invest with the money I send back to her and the family for expenses.

Any advice would be appreciated. Thanks in advance.
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Old Jan 23rd 2021, 5:42 pm
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Default Re: Saving Options in the UK whilst working in KSA

Some suggestions...
Open a Personal Pension before you leave the UK and you can invest £2,880 in each of the next 5 tax years and get 20% Basic Rate tax relief (£720) added automatically for free each time. Your wife can do this too, even if she is not earning in the UK. If she is earning, then put more into her pension to get more tax relief. You could both be UK tax free.
Your overseas earnings don't count towards the Child Benefit tax charge, which kicks in at £50k, so claim Child Benefit if you have kids in the UK.
Set up Voluntary NI contributions for yourself to keep your State Pension entitlement going whilst you are overseas. Go for Class 2's if you are eligible, otherwise Class 3's (See HMRC NI38). Check your wife's NI position as well, and make voluntary contributions for her if necessary.
Open a General Investment account in say Vanguard or HL before you leave, and stuff any spare cash in there and invest in funds or whatever.
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