Paphos People

Information for all expats who are still maintaining UK Tax Residence through chioce.

This may be becasue you feel that your UK Tax on your pensions is minimal and does not warrant changing to the CYP Tax system. But you need to aware that information is now flowing feely between Cyprus & UK on Cyprus Bank accounts and balances, which HMRC class as off shore, if your still UK Tax Resident.

The letter on my desk from the HM Revenue and Customs and starts -

'We have used our Legal Powers and understand you to have an off shore account which has not been declared to us'.

Yes, they can investigate and yes, it is under the juridiction of the UK if the person is still UK Tax resident.

Luckily this person will be extracted from the UK Tax system without further delay, but in case this effects anyone else, please beware.

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White & Georgiou
Expatriate Services

Website & 2011 Price List
http://www.paphospeople.com/white_georgiou.html

Fortunately (or not depending on your point of view) we do not have enough income or savings to pay tax here or the UK so it does not apply to us. Always makes me laugh when people complain that they have to pay tax on their income/investments/savings etc,they are lucky to have so much that they have to! They want to try living on the state pension.Not everybody worked all their lives for companies that paid private pensions or even paid much more than the minimum wage so very difficult to amass savings,let alone a portfolio of investments.
We do ok,no luxuries or expensive hobbies etc but are happy with our lives .

Beverley...

Im with you all the way there same here......

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Shirls