Like Tree3Likes
  • 1 Post By Pauljoecoe
  • 2 Post By Peaky

Tax regulations in UK for those 65 and retired

  1. #1

    Join Date
    Aug 2012

    Tax regulations in UK for those 65 and retired

    HI we are planning to move to UK. My uncle would like to know if an elderly person over 65 or past retirement age needs to pay tax on investment returns if they change domicile to UK? He has retired but has investments. He has accounts in HK

    Last edited by 29Tjmy92; 05-05-2022 at 04:43 AM.

  2. #2

    Join Date
    Aug 2017
    Beautiful Britain

    Age doesn't make any difference to tax status so yes he could possibly have to pay tax. Basic income threshold for tax is £12567 after which you pay 20%. Somehwere around £50000 it increases to 40%. Dividends are included as income in this.

    Capital gains threshold is £12300 and this would include any profit for the sales of investments.

    If the dividends are paid in UK and then the cash is moved to UK I am not sure what the situation is.

    shri likes this.

  3. #3

    Also - theres a difference between Tax Residence and Domicile and that will impact taxation of overseas (non-UK) assets.

  4. #4

    Join Date
    Jun 2018

    He'd have to be very rich to be entertained as a non domiciled resident though. A couple of billion and marrying a minister ought to get him over the line!

    hullexile and chuckster007 like this.

  5. #5

    Join Date
    Jul 2007
    TST and Macau

    Better move to Ireland.

  6. #6

    Join Date
    Feb 2006

    Does he have a pension paid out from HK for services rendered here? If so, that pension income might be exempt - check with accountants who know the rules though!