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�?a pilot versiona�?, so for now it has limited access, according to a statement on the Revenuea��s website, which also contains a number of qualifications, including the fact that the legislation on which the new Tax Residence Indicator is based a�?does not become law until it is given Royal Assenta�?, expected this summer.
a�?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,a�? it continues.
a�?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.a�?
In addition, the current version of the Tax Residence Indicator is a pilot (‘beta’) version, and as such a�?may contain inaccuraciesa�?.
A final version is due to be published later in the year, HMRC said.
Those who dona��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: