When Financial Planning, this Independent Financial Adviser in Dubai says all ex-pat Brits need to read this now
Now that the UK has its first-ever statutory definition of UK residency for tax purposes, the tax authorities have come up with a tool to help people determine their status.
The so-called Tax Residence Indicator is “a pilot version”, so for now it has limited access, according to a statement on the Revenue’s website, which also contains a number of qualifications, including the fact that the legislation on which the new Tax Residence Indicator is based “does not become law until it is given Royal Assent”, expected this summer.
“If the legislation is not passed by Parliament, or there are substantial changes to the legislation, the results provided may not be accurate, even if you entered accurate information,” it continues.
“If you choose to use the Tax Residence Indicator before Royal Assent is given then you should not rely on the results to determine your residence status.”
In addition, the current version of the Tax Residence Indicator is a pilot (‘beta’) version, and as such “may contain inaccuracies”.
A final version is due to be published later in the year, HMRC said.
Those who don’t want to wait that long, and are keen to see how their residency may be classified under the new legal definition, should click on: