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Leaving UK to avoid a Corbyn government!?

Financial discussion for any financial queries for Expats
JoyofBrex8889
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Re: Leaving UK to avoid a Corbyn government!?

#221010

Postby JoyofBrex8889 » May 12th, 2019, 4:08 am

TahiPanasDua wrote:
jaizan wrote:One should always plan for the worst case.

If that comes to pass, then I would probably move the bulk of my modest portfolio to Singapore and then go and live somewhere like The Isle of Man, or more promisingly, Thailand, where I believe overseas income is not taxed.


You might like to consider Malaysia. I lived and worked there and enjoyed it a lot. Whilst tax levels are quite high, they have a territorial tax regime meaning you only pay tax on any money actually remitted to Malaysia. Expat friends there use overseas credit cards, etc to reduce Malaysian tax to minimal levels. The country has a Malaysia My Second Home scheme which grants a 10 year renewable visa which you could consider.
.


Can confirm both Malaysia and Singapore have a lot going for them. Added personal bonus: saya boleh bercakap sedikit Bahasa Melayu (bahasa saya kelima!)though to be honest English is ubiquitous. (Not sure we should translate your username though TP2 ! )

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Re: Leaving UK to avoid a Corbyn government!?

#221021

Postby Lootman » May 12th, 2019, 9:00 am

supremetwo wrote:A friend looked at Guernsey some 18 months ago.

No IHT and properties then were similar in price to the south of England. Now the property prices are escalating.

I'd worry that Guernsey isn't far enough away. After all, Corbyn would still have some jurisdiction there, and we all know how much he hates locations that do not over-tax people.

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Re: Leaving UK to avoid a Corbyn government!?

#221127

Postby moorfield » May 12th, 2019, 7:56 pm

Bhoddhisatva wrote:
So imagine, you've worked hard, about to retire, have pension pot in SIPP (holding shares), ISAs (holding shares also) but more in naked shares and cash. What to do?

Well that's my position and frankly, I am seriously tempted to run for foreign hills.


I have been pondering this too. I won't be able to run for the hills ie. leave the UK or redomicile so my simplest option is probably to sell everything to cash and wait for the ensuing chaos to implode. Across all SIPPS, ISAs we have that will cost about £400 commission and a couple of hours work.

The question in my mind is when? should it happen. The day after a GE would be too late I think, so the time may to look at the polls the day a GE is called.

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Re: Leaving UK to avoid a Corbyn government!?

#221128

Postby Lootman » May 12th, 2019, 8:07 pm

moorfield wrote:
Bhoddhisatva wrote:So imagine, you've worked hard, about to retire, have pension pot in SIPP (holding shares), ISAs (holding shares also) but more in naked shares and cash. What to do?

Well that's my position and frankly, I am seriously tempted to run for foreign hills.

I have been pondering this too. I won't be able to run for the hills ie. leave the UK or redomicile

The problem is that moving your assets will achieve nothing unless you also either remove yourself or at least are able to remove youself very quickly.

And that is because if you are a UK resident then you are subject to UK taxation regardless of the location of your assets. So the money overseas will achieve nothing if Corbyn goes after you, unless you are willing to lie through your teeth about those assets (and I suspect many will).

The real solution is to remove yourself from UK jurisdiction AND move your assets. And the hardest assets to move are the ones you cited i.e. homes, ISAs and pensions. The first two can at least be liquidated, but pensions are a hostage and always were, which is why governments constantly meddle with them. Governments love immovable assets.

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Re: Leaving UK to avoid a Corbyn government!?

#221159

Postby paulnumbers » May 12th, 2019, 10:40 pm

ISA’s can be somewhat moveable if planned ahead.

The only one I’m aware of is Flexible is Vanguard. So
in theory a few weeks before a GE one could sell to
cash, move the cash to Singapore or wherever, and re-buy the assets. Then you have till the following April to return it to the ISA if you change your mind.

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Re: Leaving UK to avoid a Corbyn government!?

#221625

Postby TahiPanasDua » May 14th, 2019, 5:21 pm

JoyofBrex8889 wrote:
TahiPanasDua wrote:
jaizan wrote:One should always plan for the worst case.

If that comes to pass, then I would probably move the bulk of my modest portfolio to Singapore and then go and live somewhere like The Isle of Man, or more promisingly, Thailand, where I believe overseas income is not taxed.


You might like to consider Malaysia. I lived and worked there and enjoyed it a lot. Whilst tax levels are quite high, they have a territorial tax regime meaning you only pay tax on any money actually remitted to Malaysia. Expat friends there use overseas credit cards, etc to reduce Malaysian tax to minimal levels. The country has a Malaysia My Second Home scheme which grants a 10 year renewable visa which you could consider.
.


Can confirm both Malaysia and Singapore have a lot going for them. Added personal bonus: saya boleh bercakap sedikit Bahasa Melayu (bahasa saya kelima!)though to be honest English is ubiquitous. (Not sure we should translate your username though TP2 ! )


Hi JOB8889.

You are right about not translating my username. I was actually thinking of renaming myself something different like KencingSejuk. Lebih bagus kah?

TP2.

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Re: Leaving UK to avoid a Corbyn government!?

#221785

Postby TahiPanasDua » May 15th, 2019, 12:33 pm

I've finally gone and done it. I just sold the remaining utilities less my 2 dogs SSE and CNA which are no longer worth the effort.

I sold half my utes a year ago to help with buying a new house.

On past performance, I won't regret it if Corby fails to get elected or fails to nationalise anything. The cash will go towards MYI or similar as I will eventually convert all shares to ITs and ETFs for my wife's sake. I am in the process of opening an account with OCBC in Singapore.

At 74, I am now unlikely to bolt back to Hong Kong, where I have permanent residence, or Malaysia which I love. Any Corby taxes avoided in Hong Kong would be more than swallowed by the massive cost of living.

Unless, of course, we take a course turn for Hades in a Handcart, unlikely as that now seems.

TP2.

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Re: Leaving UK to avoid a Corbyn government!?

#223925

Postby flyer61 » May 23rd, 2019, 11:24 am

It appears to me that it is not the income taxes that are proposed by Labour as the number 1 problem but the wealth taxes they will look to take.
If all your wealth is in a nice house and a decent pension pot then watch out. Neither of these two are easily moved to escape their punishment agenda.

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Re: Leaving UK to avoid a Corbyn government!?

#223982

Postby richfool » May 23rd, 2019, 1:28 pm

I thought I would wait and see what the outcome of the Euro elections are first. If Labour gets a thrashing that might reduce the prospective of Jeremy Corbin getting in at the next general election and implementing his nationlisation policies. After the Euro elections, I shall be watching the conservatives and the prospects of a general election.

If one did emigrate, you can still leave your ISA here in the UK., and trade within it. Though you can't add additional funds.

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Re: Leaving UK to avoid a Corbyn government!?

#224001

Postby Dod101 » May 23rd, 2019, 2:36 pm

TahiPanasDua wrote:I've finally gone and done it. I just sold the remaining utilities less my 2 dogs SSE and CNA which are no longer worth the effort.

I sold half my utes a year ago to help with buying a new house.

On past performance, I won't regret it if Corby fails to get elected or fails to nationalise anything. The cash will go towards MYI or similar as I will eventually convert all shares to ITs and ETFs for my wife's sake. I am in the process of opening an account with OCBC in Singapore.

At 74, I am now unlikely to bolt back to Hong Kong, where I have permanent residence, or Malaysia which I love. Any Corby taxes avoided in Hong Kong would be more than swallowed by the massive cost of living.

Unless, of course, we take a course turn for Hades in a Handcart, unlikely as that now seems.


As you will know it is not the cost of living in HK, but the cost quite specifically of housing. As far as I know HK now withdraws the right to land or whatever they now call it after five years absence. I still have my old ID card going back many years. I would not mind living in Penang though.

Dod

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Re: Leaving UK to avoid a Corbyn government!?

#224003

Postby scrumpyjack » May 23rd, 2019, 2:38 pm

richfool wrote:I thought I would wait and see what the outcome of the Euro elections are first. If Labour gets a thrashing that might reduce the prospective of Jeremy Corbin getting in at the next general election and implementing his nationlisation policies. After the Euro elections, I shall be watching the conservatives and the prospects of a general election.

If one did emigrate, you can still leave your ISA here in the UK., and trade within it. Though you can't add additional funds.


Though the ISA income would most probably be taxable as normal income in the country you move to. A trivial point compared to the likely levels of UK income tax and anyway I would not be surprised if a future Labout government capped the amount you could have in an ISA to, say, £100k, forcing amounts over that to be withdrawn from the ISA.

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Re: Leaving UK to avoid a Corbyn government!?

#224186

Postby TahiPanasDua » May 24th, 2019, 11:14 am

Dod101 wrote:
TahiPanasDua wrote:I've finally gone and done it. I just sold the remaining utilities less my 2 dogs SSE and CNA which are no longer worth the effort.

I sold half my utes a year ago to help with buying a new house.

On past performance, I won't regret it if Corby fails to get elected or fails to nationalise anything. The cash will go towards MYI or similar as I will eventually convert all shares to ITs and ETFs for my wife's sake. I am in the process of opening an account with OCBC in Singapore.

At 74, I am now unlikely to bolt back to Hong Kong, where I have permanent residence, or Malaysia which I love. Any Corby taxes avoided in Hong Kong would be more than swallowed by the massive cost of living.

Unless, of course, we take a course turn for Hades in a Handcart, unlikely as that now seems.


As you will know it is not the cost of living in HK, but the cost quite specifically of housing. As far as I know HK now withdraws the right to land or whatever they now call it after five years absence. I still have my old ID card going back many years. I would not mind living in Penang though.

Dod


For sure the usurious cost of property is the biggest single deterrent to returning to Hong Kong. However, other costs are much higher. For example, we compared supermarket costs for a basket of our most frequent purchases and found the UK to be almost 40% cheaper.
My understanding of the residence rules is that permanent residence ID card holders revert to landed status if they leave for 3 or more years. Unless they have changed the rules, landed status is permanent and varies from permanent residence by little in practise. You can't stand for political office for example. We go back frequently as a friend lends us a flat she keeps empty to play mah-jong. I kid you not.
Penang would be my choice too. Beautiful place, great affordable property and reputedly the best food in Malaysia.
TP2.

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Re: Leaving UK to avoid a Corbyn government!?

#224203

Postby Dod101 » May 24th, 2019, 12:27 pm

BTW, I think you were the one that told me about the Malaysian restaurant out near the HKU. I tried it over the winter and it was very good.

Buying western food in HK has always been expensive so to compare a basket of groceries in Tesco here compared to HK is a bit unfair. You need to eat local as much as possible and of course transport is cheap and efficient. Anyway it is not going to happen with me I fear, as I am much too old.

Dod

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Re: Leaving UK to avoid a Corbyn government!?

#225826

Postby Parky » May 31st, 2019, 4:34 pm

What about placing assets in an offshore trust? No doubt complicated, and I suspect governments have been tightening up on tax law . Where can I find up-to date information?

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Re: Leaving UK to avoid a Corbyn government!?

#225833

Postby Lootman » May 31st, 2019, 5:07 pm

Parky wrote:What about placing assets in an offshore trust? No doubt complicated, and I suspect governments have been tightening up on tax law . Where can I find up-to date information?

My own view is that if the assets are overseas then Corbyn cannot get them.

The point of a Trust is more that your assets can stay in the UK and he still cannot get them. Although then you always have to worry that he might change trust law. Whereas if the assets are overseas, and you can be if needed, then it really doesn't matter what UK law says.

A Corbyn government entails massive civil disobedience.

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Re: Leaving UK to avoid a Corbyn government!?

#225864

Postby DiamondEcho » May 31st, 2019, 7:47 pm

.... And Loot, how do you suggest Joe average gets his assets 'overseas'?

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Re: Leaving UK to avoid a Corbyn government!?

#225869

Postby tikunetih » May 31st, 2019, 8:28 pm

TahiPanasDua wrote:Penang would be my choice too. Beautiful place, great affordable property and reputedly the best food in Malaysia.


If you were visiting as a tourist, which months would you go? Dec-Feb?

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Re: Leaving UK to avoid a Corbyn government!?

#225901

Postby Lootman » May 31st, 2019, 9:59 pm

DiamondEcho wrote:.... And Loot, how do you suggest Joe average gets his assets 'overseas'?

As someone who has spent a good part of their life overseas I imagine that you would know. But the hard parts are UK pensions (impssible as far as I know) and UK property (sell and move the cash).

The rest is easy, no?

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Re: Leaving UK to avoid a Corbyn government!?

#225928

Postby Alaric » June 1st, 2019, 8:16 am

Lootman wrote:But the hard parts are UK pensions (impssible as far as I know)



There's a scheme called QROPS (Qualified Recognised Overseas Pension Scheme). It's often the province of high charging "advisers" though.

https://en.wikipedia.org/wiki/Qualifyin ... ion_Scheme

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Re: Leaving UK to avoid a Corbyn government!?

#225934

Postby richfool » June 1st, 2019, 9:08 am

tikunetih wrote:
TahiPanasDua wrote:Penang would be my choice too. Beautiful place, great affordable property and reputedly the best food in Malaysia.


If you were visiting as a tourist, which months would you go? Dec-Feb?

I lived in Thailand for 15 years and whilst there visited Penang with a view to re-locating there. My conclusions were: too hot and humid, people less friendly (unlike Thailand) and a bit too busy particularly in terms of traffic, for me.
Visa issues in many places. Best months to go November - March, Dec - Feb better, as suggested.


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