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This is a question for a Verified UK tax professional onlyI am a British national and an Australian resident for tax purposes since March 2016 (I have not been outside Australia since then and have a full time regular job here). I have savings in the Uk and have declared the interest in my self assessment return.Am I required to declare or pay tax to HMRC on foreign/Australian savings interest or investment returns? (I'm considering buying some shares/funds here in Australia)
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Answered in 4 hours by:
11/14/2017
bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,232
Experience: FCCA FCMA CGMA ACIS
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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

When you left the UK for Australia in 2016 did you complete a Form P85 and send it to HMRC?

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Customer reply replied 8 months ago
Hello Keith, I have been totally out of the country since Jan 2014 and I did not complete a P85 form when I left the country.Will.
Customer reply replied 8 months ago
Hello Keith, I have been totally out of the country since Jan 2014 (living in Taiwan and now Australia) and I did not complete a P85 form when I left the country.Will.

Then you should do so immediately Will. Fortunately there is no time limit as to it submission, it is available on the web and can be filed on line. On receipt HMRC will classify you as non resident. Once so registered you can spend up to 90 days in the UK in any one tax year without breaching your non resident status. What you do investment and job wise in Oz will be a matter for the Australian Tax Authorities and not the UK's.

Your UK savings interest will still be taxed in the UK, but as an EEA citizen you have the usual Personal Allowance (PA), currently 11.5K, to offset this. Furthermore, since the 16/17 tax year the first 1K of deposit interest is tax free and deposit takers no longer deduct tax at source. Prior to that you may have overpaid tax, I hope HMRC refunded it in that event when you self assessed.

I do hope that you have found my reply of assistance.

bigduckontax
bigduckontax, Accountant
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Customer reply replied 8 months ago
Thank you Keith - I had avoided going back to the UK partially because I could not get a clear answer from HMRC about my residency status, its tax implications and I did not want to get in to trouble. I have been back to Europe 2 times, both times I went on holiday with my family in Spain to sidestep this issue. I have been doing SA every year so hopefully I have not over or underpaid my tax. I was more concerned that the UK and OZ government would want a slice of the interest leaving me with little to nothing but you have clarified this for me thank you. Will.

Delighted to have been of assistance Will. Don't forget the P85, fill that in and all your troubles will be over and you can visit the UK with impunity, for 90 days that is! There is a Double Taxation Treaty between the UK and Oz which precludes the same income stream being taxed in both jurisdictions. Any tax paid in one country being allowed as a tax credit against a similar liability in the other.

Thank you for your support.

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