I expect the UK to introduce World Taxation for its citizens over the next 5 years like the USA does and hence the reason so many Americans revoke their nationality. France has just announced it is going to introduce World Taxation so expect all western countries to adopt this tax policy. The reason being is that many wealthier citizens are leaving the UK and therefore the government has been losing tax from them.
@JoshuaTharby
Ай бұрын
Yes i can certainly see something like this on the cards
@globalbridges8570
Ай бұрын
@@JoshuaTharby Do you use Family Investment Companies with Trusts, so you own nothing but control everything? If not check out Terra Mural Crown
@microfarming8583
Ай бұрын
France is mooting the same thing. All western countries will implement this in coming years due to ageing populations and the resulting necessity for much higher taxes
@vasilydenegin2454
2 ай бұрын
completely nonsense. germany is practicing different now - if you are not tax residence in Germany, you have to PROOF that you ARE tax residence somewhere. otherwise Germany consider you nomad and charge you german tax. welcome to new world.
@JoshuaTharby
2 ай бұрын
This isn’t the case in the UK which is where our clients come from?..
@microfarming8583
Ай бұрын
Yeah but pretty sure most of the viewers on this english speaking channels re not German. So only you talking nonsense
@p.m.8316
Ай бұрын
Same in the netherlands.
@liquid_metal
12 күн бұрын
This concerns UK tax residents, not German. Welcome to United Kingdom my kraut friend.
@Inspire-Mind-Success-Happiness
2 ай бұрын
Amazing value as always. One little issue with the free training though, once it starts about a few seconds in your voice starts for a second time leading to you talking over yourself. Really hard to hear and understand what you are saying.
@JoshuaTharby
2 ай бұрын
Sorry about that, will get that sorted!
@LucidAmethyst
Ай бұрын
While it's possible to achieve this, it depends on a number of factors, including where you source your income, what is your nationality and what you have declared to the revenue in your citizenship country. However, you don't have to be tax resident to owe the country money, simply stepping off a plane and earning money whilst in a country can sometimes be enough. If not planned correctly, depending again on the source of income, you could go to a 0% tax country like Dubai, and potentially still end up owing tax to another country. As I have pointed out on other similar videos on here, you should take this advice with the disrespect it deserves, and seek the advice from a professional before attempting anything like this.
@JoshuaTharby
Ай бұрын
I am a professional.
@Thaitanium73
Ай бұрын
HMRC says British citizens have to be resident somewhere for tax purposes
@daomingjin
Ай бұрын
if you are not a tax resident in the UK, and let's say you move to China and work remotely, you are not a tax resident of China either. The only way to be required to pay tax in China is if a domestic Chinese company hires you and arranges a work visa. Outside of that, you're just a glorified tourist in terms of visa status.
@Thaitanium73
Ай бұрын
@@daomingjin If a British citizen who only holds British citizenship does not pass the threshold required to become tax resident in any of the countries they have stayed in throughout the tax year, including the UK, and therefore appear as 'non-resident for tax' in all countries based on each country's residency test (including the UK, and including the UK's RDR3 Statutory Residency Test).Then the default position of HMRC is that such a person would fall within the UK tax jurisdiction on account of British citizenship alone, and the burden then falls on the British citizen to show residency elsewhere. A British citizen who holds only British citizenship (non dual nationality) is not able to be a tax resident of 'nowhere'.
@liquid_metal
12 күн бұрын
@@Thaitanium73 That is not correct. The SRT is very clear-cut and there is no ruling from HMRC that requires a former tax resident to be tax resident elsewhere to escape UK taxation. If what you are saying is true - and I am happy to be wrong about this - then please link the HMRC help page about this ruling? Make sure your comment posts because YT often blocks comments that contain links so perhaps remove some dots and www.
@pierre-edouardginape1840
2 ай бұрын
If you can't claim tax residency anywhere in the world. This is a good case where your country where you are a citizen can argue you should pay taxes in the country you're from... And especially if you have revenue or assets generating revenue from that country...
@JoshuaTharby
2 ай бұрын
Well the US certainly do that!
@vasilydenegin2454
2 ай бұрын
exactly!
@MB-iw6gu
Ай бұрын
What about someone who has citizenship of two or more countries?
@JoshuaTharby
Ай бұрын
@@MB-iw6gu You would need to consider each countries laws. But this is correct for the UK
@Thaitanium73
Ай бұрын
@@MB-iw6gu Look up HS302
@Julia1ko
Ай бұрын
Very good video and great topic! Its UK unique and very few people talking about this. We are wondering about this too actually - what happens if you sell your existing investments e.g. ETF, whilst being a non UK resident and not being a resident anywhere? For example, if you have ISA and General Account holdings, made whilst you were a UK resident, do they continue being UK assets with capital gains tax paid to the UK upon sale, if upon sale, you've left the UK but not yet become a resident anywhere? I recall getting the impression that investments made whilst a UK resident continue being taxed in the UK upon leaving, but can't find this info again so not sure.
@liquid_metal
12 күн бұрын
I'm quite sure cgt on UK property is payable to HMRC no matter where you're tax resident. For investment profits, interest and dividends, it's taxable under your current tax residency. If you have no tax residency then under the SRT you pay no income tax. However, there's the 'temporary non resident rule' meaning if you return to the UK within 5 years of any taxable disposal and become tax resident again, the gains are taxable in the UK as if you had never left.
@marcophuket2182
Ай бұрын
Bank want your tax residence to open an account or keep one . With the OECD CRS AEOI u need to be tax resident somewhere in order banks to exchange your account information with the related Tax Authorities . This unless u hv bank accounts in non OECD countries but a few left or almost none wich r trusted. So yes you could be Stateless Apolide but difficult to manage your money . This is my opinion. Please correct me if i am wrong . 🙂
@jackworth2981
Ай бұрын
Open variety muIti currency modern accounts whiIe you are a resident and open accounts in pIaces Ike BVI, BeIiz, Bahamas, SwitzerIand, Iuxembourg, Cook Isiands and then become stateIess. If banks enquire you can state your address in the country or residency in UAE. And continue your 4 seasons - 4 Iocations rotation.
@JoshuaTharby
Ай бұрын
@@jackworth2981 Exactly this!
@daomingjin
Ай бұрын
Bitcoin solves a lot of these problems. You could also just open a bank account in the u.s., you are not required to be a tax resident to have a u.s. bank account.
@AnzacBedouinLisbonese
Ай бұрын
Dangerous and incorrect advice being given. Outright wrong. Your country of nationality will claim you as a tax resident if you are tax resident nowhere. This sort of advice should be illegal.
@liquid_metal
12 күн бұрын
You are wrong. What you have said is not true in the UK for former UK tax residents, which has very clear cut "tests" under the SRT about whether you are tax resident or not. If you pass the SRT, you are not tax resident in the UK. HMRC has no ruling or requirement that you are tax resident in another country, therefore meaning you can escape income tax completely if you bounce around on tourist visas. As an example of what you have described, countries like Australia have far more stringent "tests", including proof you have a long term rental or mortgage abroad - meaning Airbnb would not cut it - if you cannot provide proof, you are Australian tax resident, even if you haven't been in the country for years. It's absurd, but that's the rule! Not so for the UK tax authorities.
@connorgreenhalgh2501
Ай бұрын
Hi Joshua. I am a UK citizen and tax resident, if I was to buy property in Dubai with crypto (without converting to fiat) would HMRC consider that a disposal of my assets and as such would I be liable to pay UK taxes?
@JoshuaTharby
Ай бұрын
Yes they would, the moment you exchange the crypto would be a chargeable event in the UK
@connorgreenhalgh2501
Ай бұрын
@@JoshuaTharby thankyou
@globalbridges8570
Ай бұрын
@@connorgreenhalgh2501 You can get a loan against your Crypto, make the loan out to a non-UK company to buy the property outside the UK.
@michaeltaylor3473
Ай бұрын
Can you pay yourself salary from your UK limited company and not pay income tax and NI? Or must it be dividends to avoid tax?
@liquid_metal
12 күн бұрын
Only if you are non-tax resident and there is also the 'temporary non resident' rule where if you become tax resident again in the UK within 5 years of becoming non-tax resident, HMRC will treat it as if you never left and you will have to backpay all relevant income taxes. That's unless you are tax resident somewhere that has a DTT and you can prove you did pay income tax (at the same or higher rate). If you paid less than the equivalent taxes in the UK, then you would pay HMRC the difference.
@charlesfarran1717
Ай бұрын
This is dangerous information.
@liquid_metal
12 күн бұрын
Why - and are you a UK tax resident?
@nickhardy7310
2 күн бұрын
@@liquid_metal How difficult is it to google "Charles Farran" ?
@AnzacBedouinLisbonese
Ай бұрын
Dangerous and incorrect advice being given. Outright wrong. Your country of nationality will claim you as a tax resident if you are tax resident nowhere. This sort of advice should be illegal.
@JoshuaTharby
Ай бұрын
Wrong!
@AnzacBedouinLisbonese
Ай бұрын
Dangerous and incorrect advice being given. Outright wrong. Your country of nationality will claim you as a tax resident if you are tax resident nowhere. This sort of advice should be illegal.
@JoshuaTharby
Ай бұрын
Still not true..
@Thaitanium73
Ай бұрын
@@JoshuaTharby If a British citizen *who only holds British citizenship* does not pass the threshold required to become tax resident in any of the countries they have stayed in throughout the tax year, including the UK, and therefore appear as 'non-resident for tax' in all countries based on each country's residency test (including the UK, and including the UK's RDR3 Statutory Residency Test).Then the default position of HMRC is that such a person would fall within the UK tax jurisdiction on account of British citizenship alone.
@JoshuaTharby
Ай бұрын
@@Thaitanium73 That is simply untrue. I have read every element of the RDR3 and all supporting HMRC guidance many times over and not anywhere does it state this.
@liquid_metal
12 күн бұрын
@@JoshuaTharby I have also checked not only directly with HMRC and they too have confirmed what you said @joshua; but also with various tax advisors. I think the people commenting this is wrong/dangerous/illegal are p*ssed that their own country doesn't allow for this; are loathsome that someone else could avoid taxation where they are probably being hammered; and don't understand you are talking SPECIFICALLY about the UK/tax residents and not any other tax jurisdiction.
@AnzacBedouinLisbonese
Ай бұрын
Dangerous and incorrect advice being given. Outright wrong. Your country of nationality will claim you as a tax resident if you are tax resident nowhere. This sort of advice should be illegal.
@JoshuaTharby
Ай бұрын
It really won't, it might be the case in some countries such as the US but this 100% is not the case in the UK!!
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