I understand the function of the "sufficient ties" to determine tax residency. But I have a question regarding what counts as available accommodation. Would a 20-foot sailboat with limited facilities, kept in a marina, count as accommodation?
Thanks again for your reply a few days ago. I understand that the tax liabilities are taken care of by the platform managing the bond, both annually and when the policy matures. I also understand that those withdrawals by the beneficiary do not incur tax (the relevant thresholds notwithstanding).
But I am wondering specifically whether the beneficiary needs to declare such withdrawals on their annual tax statement, even if no tax on them is due. It seems some non-taxable things do sometimes need to be declared anyway.
Is there a fixed rule on this either way? We are receiving conflicting advice from the bond platform service provider.
Thank you for your reply, that is helpful, and clear as far as it goes. Just to confirm what this means for the beneficiary’s annual tax declaration: so there is no requirement for the private individual to declare those withdrawals, as long as they do not exceed the threshold, am I correct? Thanks again,
I have the same question, but with a slightly different bond-withdrawal scenario.
My mother has an onshore UK investment bond. She is making monthly withdrawals that are well below the 5% per year or 50,000 gbp per year thresholds. The bond is taxed internally at the appropriate rate.
1. Do the withdrawals need to be declared as income, even though there is no tax liability on them?
2. If so, where do they need to be entered on the form?
Thanks for any help!