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Post by redeye555 on Sept 15, 2018 10:10:55 GMT
I'm very new to P2P Loans (and new to investments of any kind).
I have about GBP100,000 to invest and my plan is to invest 15% in P2P, 15% I will trade Forex and 70% will likely be invested offshore with HSBC.
I am a tax resident, and pay income tax in, Thailand. Would I be eligible for any tax allowance in the UK for my investments (I have been registered as non-resident for tax in the UK since 2008)? Also, would I be liable for income tax in the UK on my investments there? All my P2P investments are UK and GBP based. Finally, am I required to file a tax return now that I have UK investments?
Thanks in advance, not easy to find information about this on the government sites.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 15, 2018 11:30:32 GMT
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Post by redeye555 on Sept 15, 2018 12:10:14 GMT
Thanks. So just need to claim my personal allowance and fill in a tax return.
I'd found a lot of info for Brits working in the EU but never got to that page.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Sept 15, 2018 15:23:39 GMT
Thanks. So just need to claim my personal allowance and fill in a tax return.
I'd found a lot of info for Brits working in the EU but never got to that page.
I haven't paid UK tax for years and am resident in France so declare everything there and pay French tax.
I don't think you need to do anythng about UK tax unless they send an enquiry. Just register for P2P using your foreign address and upload what they need for money laundering checks.
Unless you are in the UK without them knowing you are not liable for tax deduction by P2P platforms as things stand now, so no problem.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 15, 2018 19:45:03 GMT
Thanks. So just need to claim my personal allowance and fill in a tax return.
I'd found a lot of info for Brits working in the EU but never got to that page.
I haven't paid UK tax for years and am resident in France so declare everything there and pay French tax.
I don't think you need to do anythng about UK tax unless they send an enquiry. Just register for P2P using your foreign address and upload what they need for money laundering checks.
Unless you are in the UK without them knowing you are not liable for tax deduction by P2P platforms as things stand now, so no problem.
I would assume France has a reciprocal arrangement with the UK on taxation, I think you would need to check the situation with Thailand. If you pay tax in Thailand on UK income you shouldn't be taxed twice, but which you would have to pay I have no idea.
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Post by redeye555 on Sept 16, 2018 3:09:43 GMT
I would much rather be taxed on this in the UK. In Thailand, I'm on the highest tax threshold for my income derived in Thailand.
Thailand and the UK do have a double tax agreement, and I claim my Thai tax allowance. Not sure if that affects my right to claim a tax allowance in the UK.
My P2P accounts are under my Thai address, not sure if that is of significance.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Sept 16, 2018 7:58:50 GMT
You wll probaby pay the Thai rate anyway, but could offset any UK tax with a tax credit. The UK is one of the only countries allowing residents to pay no tax on their foreign income, the famous non dom status, which is why so many crooked oligarchs and others live in London, enjoying life tax free unlike anyone who has saved their earnings at home which are considered common property to be squandered by the political classes and available to keep them in luxury in their old age,mainly through EU fancy titles with no responsibility and enormous pensions......... think Kinnocks, Mandlesohn and many others.
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