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| I have been advised to not keep money in the UK as even though I am non resident, I will be required to report to the Inland Revenue with regard to the interest earned etc, which my advisor says "will be a nuisance". (Will it?) | |
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NO.
Unless we are talking 1000s all that happened is your UK bank will deduct 30% witholding tax and you will need to reclaim this by completing a UK tax form. The same will happen to the money if moved to Switzerland. An alternative is to open a UK International saving account with your UK bank which is based in Jersey or the Isle of Man, where you are paid interest gross.
Theoretically any deposits are subject to Swiss wealth tax wherever they are...
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