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Living and Working in the UK- UK Personal Income Taxation, UK Personal Banking

Immigration UK / England – UK Personal Taxation, Tax Liability, Tax allowances and reliefs, Tax Rates, Capital gains Tax, Paying Tax Abroad, UK Income Tax

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UK Personal Banking

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The UK Personal Banking

UK Personal Taxation, Tax Liability, Tax allowances and reliefs, Tax Rates, Capital gains Tax, Paying Tax Abroad, UK Income Tax

TAX LIABILITY 

If you become a resident of the UK you will normally have to pay UK tax on all your worldwide income. You will qualify as a resident if you:
1. spend 183 days or more in the UK in any tax year (the tax year runs from 6 April to 5 April),
2. intend to stay here at least two years, or
3. visit the UK for an average of more than 90 days per tax year over a period of four years.
Residence applies from the beginning of the fifth year. If you are a resident but not domiciled (broadly defined as permanently resident) in the UK you will only have to pay tax on your
overseas income if you bring it into the UK. The exception is income arising in the Irish Republic, which is taxable regardless of whether you bring it into the UK. If you are not a resident of the UK you will only have to pay UK tax on UK income.

TAX ALLOWANCES AND RELIEFS 

All UK residents are entitled to the “basic personal allowance”. This is an amount of income on which you do not have to pay any tax. For the 2007-2008 tax year, it is £5,225.
You may also be able to claim other allowances and reliefs, depending on your circumstances.

TAX RATES 

For income above the level of the personal allowance, the tax rates for the 2007-2008 tax year are as follows:
1. 10 percent on the first £2,230
2. 22 percent on income between £2,231 and £34,600
3. 40 percent on income over £34,600
The tax rates on dividends are:
1. 10 percent on income up to £34,600
2. 32.5 percent on income above that amount

CAPITAL GAINS TAX 

Individuals are exempt from capital gains tax (CGT) on the first £9,200 of profit made in any one year from the sale of an asset. CGT is charged at the following rates:
1. 10 percent on gains up to £2,230
2. 20 percent on gains between £2,231 and £34,600
3. 40 percent on gains over £34,600

PAYING TAX ABROAD 

Some individuals living in the UK may have to pay tax abroad on their income. However, the UK has the most extensive network of double taxation treaties in the world. These will normally save you from being taxed twice on the same income. For more information on taxation visit HM Revenue & Customs website at www.hmrc.gov.uk

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