Originally Posted by IreneP
Hi all, I am a UK national and looking at retiring in approx 4 years, selling up all assets in the UK and buying
boat (twin deck
approx 60-70 ft) and spending my entire retirment in the Med/Black sea. I have two UK pensions and would love to know if I am better being domiciled in another European country for tax purposes...I know it's a long shot but surely even taxmen retire to the med and offer free advise
Also where is the best place to lay up in the winter and the best place to avoid the crowds in the summer??
As British citizen but not a British resident for many years, I have had a long interest in the tax rules - these changed significantly starting in 2011.
Domicile is only relevant if you have non U.K. income - Tax is determined by residence and the the new rules are:
Anyone who is present in the UK 183 days or more is resident.
Anyone who is present in the UK for less than 10 days is non-resident.
Anyone who fall between these definitions will have residency determines by a series of tests.
The full explanation is here:
"uk expat tax rules". Fry's and several others provide good ex-pat tax advise. Also take a look at Moving and living abroad | www.expatmoneychannel.com
Have a great retirement