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Messages - Orca

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31
Shares / Re: My retirement blog.
« on: May 22, 2019, 05:14:37 pm »
The Portuguese are not big on beef and lamb at all. Most are imported from Argentina and Chile so are very expensive. Most meat are boneless and fat free. The few chops I did see are pork chops cut so thin you can see through them. Most people eat pork, chicken, rabbit, turkey and fish and fish and some fish.

I don't live in Portugal any longer.

32
Shares / Re: My retirement blog.
« on: May 14, 2019, 06:07:53 pm »
Two of my daughters are saving to buy property with an ISA. They have a "Help you buy" scheme where if you save £200 pm then the government adds £50 pm to it. Now that is 25% pa tax free bonus from the government. Where else would one get this?

At this stage I am a bit wary of Brexit with investing in the UK so I will stay in SA for some time still. Hopefully Ramaphosa will keep to his promise and turn things around for the SA economy in 2020.

33
Shares / Re: My retirement blog.
« on: May 13, 2019, 06:22:10 pm »
I did look into this but found nothing and the language problem restricts research. I doubt any EU country has exit tax due to the freedom of movement.

The 10 year tax break under the NHR regime only applies to income that can be taxed in the country of source by the DTA rules whether it is taxed there or not. CGT is a residential tax and therefore only taxed in Portugal as per the DTA rules. So the 10 year tax break for CGT does not apply.

34
Shares / Re: My retirement blog.
« on: May 12, 2019, 10:47:48 pm »
Relocating from Portugal to the UK just got better tax wise.

Dividends
Dividends withholding tax in SA is 20%. The tax treaty with Portugal caps it at 15%. This was the percentage I paid while resident in Portugal.

The tax treaty with the UK caps the SA withholding tax on dividends at 10%. This means that my dividends withholding tax in SA will be cut by half so I score 10%. This is a big saving over time.

Interest
Tax on interest according to the DTA Portugal-SA is payable to either country but capped at 10%. I paid this to SA only.

The tax treaty with UK states that only the UK can tax this interest and as the UK does not tax interest I score here as well.

Capital Gains
This remains a residential tax in both DTA's. Portugal has a fixed 28% tax on CG with no exclusion.
The UK has an exemption (exclusion) amount of £12k or R228k pa and a 10% tax on the rest. My gains would never get near this amount so no CGT payable.  :money:



35
Off topic / Re: Live chat
« on: May 08, 2019, 08:27:44 pm »
Thanks P. It's working fine now.

36
Off topic / Re: Live chat
« on: May 07, 2019, 10:12:48 am »
Just trying to get some response on this website as it seems dead. Patrick has not given me any money this month and I have no access to the US comp for a week now.

37
Off topic / Re: Live chat
« on: May 06, 2019, 07:43:36 pm »
My wife was so sick today that I had to carry her to the kitchen to make me coffee.

38
Off topic / Re: Live chat
« on: May 02, 2019, 09:50:20 pm »
Don't like the UK anymore. It is not like SA. Went to the indoor pool today and the life guard caught me peeing in the pool. He shouted so loud I nearly fell in.

39
Shares / Re: My retirement blog.
« on: April 23, 2019, 12:40:33 pm »
Caravaning and camping is exceptionally popular in the UK especially so in Wales. We were looking to buy a sited static caravan to live permanently in but unfortunately getting a bank loan is not the same as a mortgage but rather a car or boat. Ten percent deposit and payments over 5 or so years.

They are double glazed and fully furnished with 2 or 3 bedrooms and central heating. Most are located on beachfront property or river parks. The ground is not yours though. http://www.cardiganbay.co.uk/static-caravans-for-sale-wales.asp 

40
Off topic / Re: Live chat
« on: April 22, 2019, 05:18:11 pm »
Trading activities = 1

Cost of Sales: Stock moved for the year.

Opening stocks plus purchases less closing stock. Fill this amount in COS.

Sales: Total stocks sold as per broker IRP year end note.

That's it. The SARS programme will do the rest. Expenses are not recorded as the brokers note uses the "Due by you" and "Due to you" amounts that already incorporates the expenses. Simple.



 

41
Shares / Re: My retirement blog.
« on: April 20, 2019, 08:25:01 pm »
Waiting for confirmation that CML will respond to the BB and specifically to the middle 20 SMA.

Yes. The scenery in the UK is very similar to the best of Europe. The cost of housing is another story altogether. Let me explain.

I have attached a pic of the type of housing I am referring to. They are not council houses but in a category just above them. Developers normally build new builds here and put them on the market for sale. The state or council will buy some cheaper houses and offer them to families on benefits at low rentals. They in turn can buy them from the council. They can be recognised by the unkempt gardens and car wrecks in the yards. We have them here too and the houses look good but the yards are filthy.

This is a rental home of 3 bedrooms.
Rental £ 750.00 pm 
Utilities £ 150.00 pm
Council Tax £ 195.00 pm
Total £ 1 095.00

That is about R 20 000.00 pm if you earn Rands as I do. That is just above entry class homes.

This pic was taken a few minutes ago from our little garden.


42
Shares / Re: My retirement blog.
« on: April 19, 2019, 10:31:39 pm »
Preparing to relocate to foreign shores is exiting. New country. Foreign language, strange food and new custom is something to look forward to albeit with some uncertainty.

Arrival and setting up a new home was just as exiting but the next few months of red tape was frustrating. When this was done the new journey began. Exploring the new location, country and food puts one on a high of sorts and is rejuvenating. We found our utopia at last. Or so we thought.

It soon wore off as we could not communicate with people our age as they spoke no English. The food got boring and we missed good old baked beans, fish n chips, ox tail stew, chutney and sweet chilli sauce.

Long story short. We upped and relocated to the UK and living in Wales. We have been here for a month as our home in the Cotswold is not yet ready.

From the day we landed here we felt that we have arrived at home. This is where we belong. This quaint village of Wyesham is nestled in the valley of Forest of Dean. Luscious green hills and dales lined with forests and sheep farms with Hobbit homes. A Harry Potter scene.

Our neighbours speak English to us and we can go to the library at long last. We can understand what food we are buying.

I knew I had made the right decision when I saw my wife staring out the window at the pretty snow clad hills and she had a continuous smile on her face. 

 


43
Shares / Re: Offshore Structured Product
« on: April 14, 2019, 11:55:36 am »
The first R40k of the gain is tax free so deduct this from the total gains.

From the remainder you add 40% to your normal tax. This gets taxed at your nominal tax rate.

So the effective tax on the Capital Gains would roughly equal to 12 or 13% of the total Capital Gains if you are not in the top bracket. This may be higher somewhat if you earn above mid management wages.

44
Off topic / Re: Live chat
« on: April 09, 2019, 07:25:43 pm »
@Stefan. Check the thread. "Investing in US stocks".

45
Shares / Re: Investing in US Stocks?
« on: April 09, 2019, 07:24:07 pm »
@Stefan. I have never traded on a foreign stock exchange but can give you some pointers.
In SA you pay tax on your worldwide income so any trades made and concluded will be regarded as income. Many people think that if the money is still overseas after the trade is over and done then it is still gaining or losing value as Forex and no SA tax is due until the cash is available in SA. This is not true.

You don’t pay tax on currency movement while you are invested so you must do all the calculations in USD such as the purchase and sale plus the profit/loss. Only then do you convert the USD to ZAR at the spot price on the day the trade is concluded.
This amount must be recorded by you for efiling later. Note that all amounts in your broker account must remain in USD for all future trades. Only once the trade is concluded do you record the profit/loss in ZAR.

This is trading much like selling and buying cars so you will be a provisional tax payer and must adhere to the dates required for provisional tax returns.

The same applies to investors except they are not provisional tax payers.

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