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Expats will not lose their tax breaks
| Published: | 5 Dec at 10 AM |
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Brits working abroad received some good news on Thursday after it was revealed that they would still be allowed to claim their personal tax allowance.
Chancellor George Osborne said in March during his budget statement that the only people who may be able to retain their personal allowances in the future would be non-residents with strong economic ties to the UK, meaning how much income they could earn in the UK from a property or a pension before tax had to be paid.
For the tax year of 2014/15, that level was at £10,000 per person, although rates differed depending on age and marital status. But in Thursday’s Autumn Statement, Osborne backtracked and said that the current regulations would remain the same for the time being. In addition, he revealed that the figure was to increase to £10,600 for the next tax year, which begins on 6 April - £100 more than the figure he announced in March.
The Chartered Institute of Taxation’s management of taxes subcommittee chairman Jon Preshaw described it as “good news”. He admitted that they had concerns the proposed changes could severely complicate the tax system, adding that they were glad the government decided the current system was operating smoothly and was beneficial to non-residents because of its familiarity and “internationally competitive tax offering”.
Chancellor George Osborne said in March during his budget statement that the only people who may be able to retain their personal allowances in the future would be non-residents with strong economic ties to the UK, meaning how much income they could earn in the UK from a property or a pension before tax had to be paid.
For the tax year of 2014/15, that level was at £10,000 per person, although rates differed depending on age and marital status. But in Thursday’s Autumn Statement, Osborne backtracked and said that the current regulations would remain the same for the time being. In addition, he revealed that the figure was to increase to £10,600 for the next tax year, which begins on 6 April - £100 more than the figure he announced in March.
The Chartered Institute of Taxation’s management of taxes subcommittee chairman Jon Preshaw described it as “good news”. He admitted that they had concerns the proposed changes could severely complicate the tax system, adding that they were glad the government decided the current system was operating smoothly and was beneficial to non-residents because of its familiarity and “internationally competitive tax offering”.
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