[torrenova]

The actual rules are complex and subject to interpretation on an individual basis. Largely though you'd have to be a bit of a plonker to get turned over if you really had enough to sort it out properly.

When I worked overseas I received some of my income tax free in offshore accounts. The liability for taxation on that money was my responsibility once or if I repatriated that money to the UK. If i did not or they did not find out then no tax was due.

If you have cash in the UK then moving it offshore or overseas will mean that you remain liable for taxes on incme earned but only if they can find it or you fess up. Unless you are talking mega numbers you'll pay bugger all.

Now take LOS as an example. They want a slice of any income you earn worldwide but they want nothing from savings which can be earned income over 12 months ago. How the fuck they are supposed to tell is beyond me but there you are. All your income is savings or prior years' earnings and thus they want nothing.

I've been through this and in the end you just don't tell them. Even if you sell up and move the cash offshore they can't ask for a slice as it originated in the UK or they never saw it before (overseas earnings). Of course they might want a share of any profits you make from investments but eith er you tell them to fuck off or you have already set things up to mitigate any potential bills.

On one property I went down the second charge route to wipe out the capital gains. Not expensive and as it was to an overseas company they couldn't trace it. I suppose if it was millions they might try harder but if you flog your assets and have the cash then they have to find a way to take it from you and that is not so easy if you have half a brain and ask a few questions.