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I understand that quite a few expats have not told their UK brokers that they are now no longer UK resident.  Now that it looks likely that the UK government is going to help itself to some of their wealth through a wealth tax, what are they planning on doing? Admit that they are non-resident to avoid the tax, but risk that their account will be closed? Keep schtum and pay the tax? Close their UK accounts and move offshore?

 

From a personal point of view, anyone know what happens if you tell Interactive Investor that you're now non-resident?

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1 hour ago, Oxx said:

Admit that they are non-resident to avoid the tax, but risk that their account will be closed?

It's worth keeping a credit card and/or unsecured personal loan ongoing with a bank for a couple of reasons :

 

1 - You maintain a credit rating

2 - They may not be so quick to close your account if you're using credit facilities and have a perfect record of making payments.

 

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Posted (edited)

Obviously all of this "wealth tax" talk is just speculation, at this stage. 

However, given the amounts the UK Gov is currently spending, there is likely to be the need for higher levels of taxation at some point in the future, and, i would suggest this will be something that lasts for years rather than be a "one OFF" hit.

The good news is that everyone has had fair warning, and those expats who need to do something have the time to do it. 

Frankly, to state the obvious, any expat, who has assets and wealth in the UK needs to think through their options.

It is not that complicated.

Shares/bonds and cash are easy to move offshore (within certain constraints) ,as  for property, its pretty much impossible. 

Join the dots!!

Edited by wordchild

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  Let's hope access to the NHS is not on the chopping block for those who decide to zig or zag.  

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Posted (edited)
32 minutes ago, Leaver said:

  Let's hope access to the NHS is not on the chopping block for those who decide to zig or zag.  

My own personal view, but the U.K NHS has been really exposed by this crisis.

The  Brits seem to love it, but it’s performance, in terms of protecting the British People,  seems to have been woeful.

I would not have access to the NHS, at least for free, but that worries me not one jot!

its treated as a precious child, with a degree of respect that, on the evidence, it just does not deserve. 

Edited by wordchild
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haha absolutley no chance of this happening .labour party would need to be in power and very little chance of this happening in the next 50 years

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Posted (edited)
46 minutes ago, wordchild said:

My own personal view, but the U.K NHS has been really exposed by this crisis.

The  Brits seem to love it, but it’s performance, in terms of protecting the British People,  seems to have been woeful.

I would not have access to the NHS, at least for free, but that worries me not one jot!

its treated as a precious child, with a degree of respect that, on the evidence, it just does not deserve. 

I have insurance, but the NHS is a fall back plan for many.  If access to the NHS is denied to those who either physically move offshore, or move their wealth offshore, or both, than that can be a game changer for many.  

 

Of course, I am talking about when the virus crisis has finished and things return to normal, not under the present circumstances.

 

Edited by Leaver

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Posted (edited)
17 minutes ago, Leaver said:

I have insurance, but the NHS is a fall back plan for many.  If access to the NHS is denied to those who either physically move offshore, or move they wealth offshore, or both, than that can be a game changer for many.  

 

Of course, I am talking about when the virus crisis has finished and things return to normal, not under the present circumstances.

Just my opinion, but, if you are an expat , living in Thailand, and you still feel that you might need the UK NHS as a fallback, then, frankly you may have made the wrong decision In moving here in the first place.

From my experience, there are many “fake” expats  who live here: ie in various ways, they have not fully cut the umbilical chord with their homeland.

until you do that , and adjust your lifestyle and expectations to that fact, you have not really moved your home. You are just on an extended holiday.

 

Edited by wordchild
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Posted (edited)
43 minutes ago, wordchild said:

My own personal view, but the U.K NHS has been really exposed by this crisis.

The  Brits seem to love it, but it’s performance, in terms of protecting the British People,  seems to have been woeful.

I would not have access to the NHS, at least for free, but that worries me not one jot!

its treated as a precious child, with a degree of respect that, on the evidence, it just does not deserve. 

Having been treated by the NHS for a potentially life-threatening event in the last year, I disagree. It depends a lot on a "post-code lottery": if you live in an area with a good, well-run Trust, the treatment is superb - mine was and I won't hear a word against them.

But, if you live in a poorer area where the Trust isn't so fortunate, your experience can be very different.

 

Covid could have stretched the NHS beyond breaking point  it didn't....partly due to luck and partly to a "pre-emptive" strike of lockdown.

The Nightingale Hospitals were an example of "Damned if we do and Damned if we don't"

UK could have become Italy or Wuhan...... it didn't.

Edited by VBF

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Posted (edited)
12 minutes ago, VBF said:

Having been treated by the NHS for a potentially life-threatening event in the last year, I disagree. It depends a lot on a "post-code lottery": if you live in an area with a good, well-run Trust, the treatment is superb - mine was and I won't hear a word against them.

But, if you live in a poorer area where the Trust isn't so fortunate, your experience can be very different.

 

Covid could have stretched the NHS beyond breaking point  it didn't....partly due to luck and partly to a "pre-emptive" strike of lockdown.

The Nightingale Hospitals were an example of "Damned if we do and Damned if we don't"

UK could have become Italy or Wuhan...... it didn't.

It wasn’t Italy and it wasn’t Wuhan, I give you that, it was worse than both, (depending how you measure) and still not done.

Edited by wordchild

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Posted (edited)
22 minutes ago, wordchild said:

Just my opinion, but, if you are an expat , living in Thailand, and you still feel that you might need the UK NHS as a fallback, then, frankly you may have made the wrong decision In moving here in the first place.

 

I was not talking about myself.  I was talking in general.  Like I said, I have insurance.  

 

I know one expat who went home because he had cancer, and another guy who had a stroke, which caused paralysis.  Both had a comfortable lifestyle here, but both needed a long term medical treatment plan, which I gather, even significant retirement savings may not have covered in Thailand. 

 

Not to mention, the benefit of being surrounded by family in such times.

 

Why would one possibly spend their life savings for long term treatment in Thailand for such illnesses, which may be substandard and overpriced, when they can return to the NHS?

 

Edited by Leaver

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5 minutes ago, wordchild said:

It wasn’t Italy and it wasn’t Wuhan, I give you that, it was worse than both, (depending how you measure) and still not done.

How do you work that out?

UK didn't have people dying on hospital floors and there were VERY few instances of hospital wards having to shut down entirely.

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14 minutes ago, wordchild said:

It wasn’t Italy and it wasn’t Wuhan, I give you that, it was worse than both, (depending how you measure) and still not done.

Well, how do you measure, in order to make such a comment?

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Posted (edited)
19 minutes ago, Leaver said:

I was not talking about myself.  I was talking in general.  Like I said, I have insurance.  

 

I know one expat who went home because he had cancer, and another guy who had a stroke, which caused paralysis.  Both had a comfortable lifestyle here, but both needed a long term medical treatment plan, which I gather, even significant retirement savings may not have covered in Thailand. 

 

Not to mention, the benefit of being surrounded by family in such times.

 

Why would one possibly spend their life savings for long term treatment in Thailand for such illnesses, which may be substandard and overpriced, when they can return to the NHS?

 

Well you kind of made my point for me, even we are getting off the OP topic.
If you would need to return to the U.K., in the circumstances you described,  both highly possible  end of life situations, then why on earth move  to Thailand ,in the first place, in the later years of ones life?

Edited by wordchild

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