LadyJessie
(regular)
23/04/2008 12:03
Re: Tax

It is very difficult to give tax advice without knowing the personal circumstances. Giving general advice can easily become nonsensical at best and misleading at worst. I would recommend that you talk to a tax adviser. (I have been one myself so this is an unashamed plug for my old profession.)

Having said that disclaimer; yes it is possible under certain circumstances to avoid paying any tax. You don't have to be resident anywhere, it is perfectly OK to be resident on your boat 'on the seven seas' without any tax liability. However, if you retain a property and has income in the UK; you are resident for tax purposes. Other concerns than just tax should also be taken into account when choosing residency. If you are not resident anywhere, you are also not covered by any medical and social security. You might find that maintaining a 'residency' could mean a saving in medical insurance that could be larger than your tax bill.

Lots more variables that are too complicated to go into on a general thread, talk to an adviser. (wow, I got two plugs in.... getting good at this...)



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