UK Tax Free Savings Secured for Expats

UK Tax Free Savings Secured for Expats

Sam Orgill of ProACT Partnership discusses how Expats can get UK Tax Free Savings in a secured financial environment

Interest from Banks and Bonds

From April 2016 a £5000 tax saving income allowance exists in the UK. This saves £1000 tax. Yes you can earn £5000 in interest tax free.

Also the UK no longer charge tax on bank interest at source, from 2016 you will have to declare and pay tax on saving in a UK tax return or your country of tax residence.

Tax Saving Tip: Build up savings for UK interest free of UK at source and Cyprus Tax

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High Income Shares

Share Dividends in UK are no longer taxed at source with a 10% tax credit.  The first £5000 of dividend income is tax free.  This is new tax free allowance.  Consider a high dividend share portfolio holding to receive additional tax free income.  The dividend tax rate is then 7.5% for basic rate tax payers, so again it is a great alternative source of low tax income.

Tax Saving Tip: Consider high yielding share dividend for UK interest free income and 0% Cyprus Tax for Expats

If you are Expat and Cyprus tax resident you pay no tax on savings interest or dividends in the UK, but you must declare all income in your Cyprus return for 0% tax assessment all savings income worldwide.

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Property Rental Income

There is still an £11,000 personal allowance available to UK Expats for any interest, dividend or rental income. Under the double taxation treaty an expat can pay tax on savings in their resident country. Property Rental income is taxed in the country it arises. Now you can earn up to the personal allowance without tax on property rental income.

Above this 20% UK tax is due. You should make sure you complete returns to reclaim tax at source.

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Free Review – Tax, Wills, Inheritance, Property

Register for tax Savings. Organise your savings and investment income for maximum tax savings.  Declare income for 0% tax for expats in Cyprus.

ProACT offer a Free Review of your Tax, Savings, Wills, Inheritance and Property issues for Expats living and working abroad. Contact us to book a Free review

Contact us to book a Free review. CONTACT US

Read more on our website www.proactpartnership.com/blog 

Sam Orgill        ProACT Partnership Expatriate Advice

Tel +357 26 819 424        info@proactpartnership.com     CONTACT US

www.propactpartnership.com

ProACT Sam Orgill

Sam Orgill

ProACT Partnership - Tax Saving Expat Expert

Look Forward Never Back : A Daily Pursuit of Excellence in What We Do

TAX - WILLS & ESTATES - IMMIGRATION - PROPERTY OVERSEAS

ProACT Private Client Expatriate Advice Services for professionals, consultants and the retired living and working abroad, relocating overseas, investing offshore.

http://www.proactpartnership.com
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