Tax Issues With Multiple Homes

Discussion in 'Taxes and Accounting' started by izeickl, May 10, 2004.

  1. izeickl


    After reading and pondering some of the comments in the Dream Homes thread I was wondering what were the tax implications if you stayed a few months in varying locations but never longer than the time required to be classed as resident in that country? I know US citizens pay tax on world wide income regardless, but for those of us more fortunate than to be hit with that what tax is paid where if you are not classed as resident in any one country? Or am I missing something obvious?
  2. Everest


    The important thing is to be a 'resident' of a country or principality where there is no effective tax rate. Then you can float around to your hearts content. I would say that one cannot spend more than 90 days in the UK during anyone tax year on average, but this does not include the days of entry and exit. Thus one can have 30 five day trips to the uk and not break the rules. But just make sure you never, never start taking the piss. These consessions are a 'gift' of the revenue, and they can take them away if they feel you are up to no good. Clearly you cannot work in the uk tax free even if you are a res elsewhere.

    Jolly bon
  3. Everest


    I have just read this and it says it all, so one may as well disregard my last post. The most importnat thing is the radar bit.

  4. izeickl


    Thanks for that, one of the reasons I have a place in Ireland is due to its no taxation on world wide income unless remitted back to Ireland if your resident but not domiciled there, nice to find out more info.

    On similar note is there anyone reading this who would be willing to refer me to a distributed city?