Tax on earnings?
#1
Just Joined
Thread Starter
Joined: Aug 2019
Posts: 2
Tax on earnings?
Hi guys,
I've been living and working in Gibraltar since June 2018, i'm planning on moving back to the UK at the end of October. I've had enough of the loneliness here and want to be back near friends and family. I have some questions around tax and I was hoping some people on here may be able to fill me on this.
Basically, I have been paying tax and N.I in Gibraltar whilst i've been here. I was wondering, once I move back to the UK at the end of October, will I be hammered with more tax or not? I own no property in the UK or Gibraltar, this would just be earnings based tax. I did read somewhere that if you return to the UK within 5 years, you won't be taxed on earnings, is this correct?
Any advice would be greatly appreciated
Andy.
I've been living and working in Gibraltar since June 2018, i'm planning on moving back to the UK at the end of October. I've had enough of the loneliness here and want to be back near friends and family. I have some questions around tax and I was hoping some people on here may be able to fill me on this.
Basically, I have been paying tax and N.I in Gibraltar whilst i've been here. I was wondering, once I move back to the UK at the end of October, will I be hammered with more tax or not? I own no property in the UK or Gibraltar, this would just be earnings based tax. I did read somewhere that if you return to the UK within 5 years, you won't be taxed on earnings, is this correct?
Any advice would be greatly appreciated
Andy.
#2
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: Tax on earnings?
As far as I know and speaking of my own experience of moving to the USA and returning 29 years later. You stop paying UK taxes from the time you leave and become tax resident in another country, and on return you start paying UK taxes on worldwide income from the time you become UK tax resident. Any income I earned and paid tax on while in the USA was never taxed in the UK after I returned. I would expect similar rules would apply to moving to Gibraltar then returning some time later.
#3
Just Joined
Thread Starter
Joined: Aug 2019
Posts: 2
Re: Tax on earnings?
As far as I know and speaking of my own experience of moving to the USA and returning 29 years later. You stop paying UK taxes from the time you leave and become tax resident in another country, and on return you start paying UK taxes on worldwide income from the time you become UK tax resident. Any income I earned and paid tax on while in the USA was never taxed in the UK after I returned. I would expect similar rules would apply to moving to Gibraltar then returning some time later.