Lancashire Share Discussion Threads

[garycook] 19/11/2016 02:31

I would be happy with 60p,so anything over that is good.GBP peaked at 1.2429 at 11.10am.At Noon it was 1.2414,The day low was 1.2305 at 15.50.but finished the day at GBP/USD 1.2347.So we will get roughly the day,s peak rate,on the conversation around 1.2420 as you correctly quoted.It will be Interesting to see what rate we get.Do I win anything for being the 1,000 poster on LRE. Ha Ha Ha

[phoenixw2] 18/11/2016 10:17

I could check my interactive brokers a/c but I've no doubt they 'front-end' retail quotes vs the baseline/wholesale rates.
Maybe something of interest will arise from it... as mentioned when I've previously just taken one rate from one source it's not been particularly close to the actual later applied.

[garycook] 18/11/2016 09:41

Interesting that will be.See how close we are the Wholesale rate !!!

[garycook] 18/11/2016 03:03

GBP/USD atm 1.2367,so that gives 60.6450p Div.Hopefully a lower £ by 12 Noon today,will give us a bit more.

[phoenixw2] 17/11/2016 19:38

If you want a quality vote of confidence, this might be it:
Neil Woodford in his monthly fund newsletter:
'Elsewhere in terms of portfolio activity, Roche was sold from the portfolio in the ongoing fight for capital, and we increased positions in several companies including Capita, Provident Financial, Lancashire and Paypoint.'

[phoenixw2] 17/11/2016 15:11

FX rate for the latest div at noon [UK] tomorrow. If I'm online I'll try and note an estimate at the time. FWIW at time of writing Cable is 1.2450

[cwa1] 15/11/2016 15:47

Thanks but I already hold it in both anyway.

[phoenixw2] 15/11/2016 10:07

CWA, I don't know if it helps but Stockopedia lists the stock as eligible for an ISA and a SIPP.
hxxp://www.stockopedia.com/share-prices/lancashire-holdings-LON:LRE/

[middletp1] 09/11/2016 23:25

Gary

My understanding is dividends on UK shares held in UK, UK bank interest, rental income on housing in UK etc remain taxable to non-residents. Capital gain on shares is not taxable.

Re tax in host country- I don't know about Thailand but many Countries eg. Indonesia and Malaysia tax world-wide income and require returns to declare this. Any tax already paid in UK is allowed for if a Double Taxation Agreement exits (most Countries have DTA's with UK)

You can put investments including direct share holdings into overseas structures which takes div. out of the HMRC tax regime.

Some info in helpsheet in link below giving guidance on how to complete SA forms - frnakly like many HMRC helpsheets - raise more questions than answers.

I have been non-resident for many years and complete returns using commercial software as non-residents cannot use the on-line SA system directly, I use Andica and find it pretty easy to use once clear on what to enter- after the first year it gets pretty routine. Paper returns can be submitted. I would think approaching HMRC to explain and request guidance might help avoid any problems later, particularly if you end up returning to UK. Getting tax advice from an expert could well resolve with HMRC and manage tax- but watch out for the Financial Advisors in Asia offering tax advice role, there are some good ones but a lot of real sharks.

[phoenixw2] 09/11/2016 16:43

Did you change your correspondence address with them [IR], if so that might be a simple route to proof in lieu of a P85? Otherwise just provide evidence, passport stamps, TH residency cards from when you arrived, bank statements etc.
IR-UK threaten to bite very hard but IME are receptive if you ask for help and try and sort out prior misunderstandings etc. {let's be honest the IR-UK tax code is labyrinthine, and they know it].

Strange they never followed up on their 'fine'. IME once they know how to reach they they are relentless. [perhaps you moved?]. Plead ignorance of their requirements and a desire to straighten things out. IME they are then less hostile and more co-operative and although an unenviable position [going back years] you can work through it.

[I use a tax-prep software app called Tax-calc, which gets updated annually. If you aren't used to UK tax returns it might make your life a heck of a lot simpler!]

ps/OT - I left the UK in March '08... almost the same time as you...

[garycook] 09/11/2016 00:31

Thanks for that guys.I left the UK in Aug 2008.So should be ok.But I did not notify HMRC on leaving.HMRC did though send me three £200 fine notice,s last year for not sending them a 2009 Tax Return.But I just ignored and binned it.Had nothing since !!!

[phoenixw2] 08/11/2016 16:42

I'm aligned with Extrader's opinion^
If you're non-resident why are you liable for UK tax on divis? Did you complete the HMRC form to register that you were leaving the UK?


I completed one of those when I last exited the UK about 8 years ago now. It serves as completely bullet-proof evidence you're non-res. And similarly bullet-proof, if needed, grounds to stop UK financial companies seeking to deduct tax at source, and then having the PITA of having to file tax-returns to reclaim it.

Also check whether the Thai authorities apply local taxes to foreign earned income. For example, I know for a fact Singapore do not [having lived there].

[extrader] 08/11/2016 15:19

Hi Garycook,

If you're non-resident for tax purposes, you're non-resident for income tax purposes !

To be out of the Capital Gains tax net, you need to be 5 clear tax years outside the UK before you can consider yourself safe.

You might want to set aside £1,000 or so of your £25 K dividend income to get professional confirmation of this point......

ATB

[garycook] 08/11/2016 11:03

deadly,So are you telling me to declare my Dividend income to the Thai authories,and I have no retrace from HMRC,even though I £25,000 of dividend income a year.

[deadly] 08/11/2016 09:17

your tax should depend on the country you live in, not the UK.

[garycook] 08/11/2016 09:09

middletp1,I believe being an Ex-Pat living outside the EU.That I am entitled to receiving £16,000,a year in UK dividends.I also believe that being an Ex-Pat that the Overseas dividend income is not including in the £16k allowance ( £11 personal,and £5k Dividend income.) By the way I do not submit a Tax return,but HL will give HMRC my information.That is why I need to clarify this position,because at present i have £16,300 in UK Divi,s and £9,000 in Overseas Divi,s coming in for 2016/17 Tax year !!!

[middletp1] 08/11/2016 08:56

Gary

Point taken, I guess you need to know. I note reading thread that it was in the tax Cert- so presumably for last year when old rules applied. My LRE were in an ISA so no cert.

[garycook] 08/11/2016 07:05

How about if you are a Ex-Pat living in Asia,but holding UK Shares ?

[middletp1] 08/11/2016 06:06

Not sure, but with the change in Tax on dividends, it looks like there will be no difference in tax treatment of foreign company payments Vs UK- in which case there would be little point in brokers separating them out. No notional tax take, same allowance and rates.



For 2016/17 and subsequent years the taxation of dividends. For dividends paid by foreign companies the main changes are:

There will no longer be any grossing-up of the dividend for the notional UK tax credit. Accordingly there will be no reduction to the tax payable for any UK notional tax credit, either.

A new tax-free Dividend allowance is being introduced whereby the first £5,000 of dividend income, whether paid by UK companies, or overseas companies will be tax-free, regardless of the level of dividend income.

On dividend income in excess of £5,000, income tax will be charged at the following rates:

7.5% on dividend income within the basic rate band
32.5% on dividend income within the higher rate band
38.1% on dividend income within the additional rate band

[garycook] 08/11/2016 00:04

HL,Are telling me that LRE are domiciled in the UK for Tax purposes even though being registered in Bermuda,and the registrars being in Jersey, so the dividend is treated as a UK Tax dividend.And to consult HMRC or a Tax specialist for clarification.I am still awaiting a reply from LRE Investor relations.

[speedsgh] 07/11/2016 12:46

Lancashire Holdings Q3 2016 Results - Earnings Call Transcript -

Not the best quality transposition of the earnings call but worth a read if you have the time.

[garycook] 07/11/2016 11:14

CWA1,Worth checking out from LRE ? I have just send an email to LRE for comfirmation.I have also sent an email to HL to check also.

[cwa1] 07/11/2016 11:07

speedsgh, absolutely, you are correct. HOWEVER, I was hoping to invest more or less now rather than the normal few days before you get a reply from a written company enquiry, so thought it would be worth a try on here first! Of course I could phone but have generally never had much luck in the past getting to somebody that could answer the questions with any authority.