Foreign workers face offshore scrutiny
Thousands face having to scrutinise overseas accounts if they transfer money to the UK.
Thousands of foreign employees who are ‘not ordinarily resident’ face
‘intrusive, costly, and sometimes quite pointless’ new rules over their foreign
assets.
Around 30,000 foreign employees who enjoy the status will suffer new
compliance demands if they bring money into the country. They may not have to
pay more tax, but will have to conduct details analyses of their overseas
accounts if they transfer money to the UK, the FT reported.
The changes mean calculating their ‘remittances’ to the UK much more
frequently and in more detail.
Andrew Hodge, head of employer and personal taxes at Deloitte said: ‘How can
anyone believe that such a complex regime is suitable to individuals other than
the very wealthy.’
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