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James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 13:35

This is a massive pipe dream but I'll ask anyway.

Say I moved abroad, but I wanted to keep the property I own in the UK and rent it out.

Am I right in thinking that, despite the fact I would be earning income abroad, only my rental income falls under the UK tax system?

And do I still get the personal allowance that I would get if I still lived in the UK?

It might sound stupid but I wouldn't be surprised if HMRC has some clause that says if you are earning income abroad, this affects how much tax you pay.

If I'm right, most of the rental income would fall into my personal allowance so it would be almost tax free. I'm sure HMRC have a way of making sure that doesn't happen.

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 13:37

Kind of answered my own question here:

http://www.hmrc.gov.uk/cnr/faqs_general.htm

It seems they have criteria that classes you as a "non-resident". Sounds like they will fuck you over for tax until you have met that criteria, then pay you it all back

[Edited on 23-02-2012 by James]

James

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Registered: 1st Jun 02
Location: Surrey
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23rd Feb 12 at 14:01

A bit more investigation suggests that even though I still get the UK personal allowance, it could be subject to tax in the country I reside in.

This is because if the country I live in also has a personal allowance (or equivalent), I would effectively be getting 2 personal allowances.

This makes the whole idea much less appealing.

Whittie

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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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23rd Feb 12 at 14:02

You alright James

James

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Registered: 1st Jun 02
Location: Surrey
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23rd Feb 12 at 14:02

Hi mate, yep I'm just having a little chat to myself

John

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Registered: 30th Jun 03
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23rd Feb 12 at 14:03

You not better just going back to your old job James, or move up to Scotland, get paid less but have access to fresh water?

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 14:04

This isn't something I'm thinking of doing right now. More something for 5 years down the line.

Although TBH by then with the help of my portfolio manager I should be retired.

Sam

Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline

23rd Feb 12 at 14:09

quote:
Originally posted by John
You not better just going back to your old job James, or move up to Scotland, get paid less but have access to fresh water?

And free medicine

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 14:11

quote:
Originally posted by Sam

quote:
Originally posted by John
You not better just going back to your old job James, or move up to Scotland, get paid less but have access to fresh water?

And free medicine

And I could buy a house with little more than the change in my pocket.

VrsTurbo

Premium Member

Registered: 8th Jun 10
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23rd Feb 12 at 15:25

go work in saudi or UAE no tax then

Fro

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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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23rd Feb 12 at 15:26

Burnt rolls would sell it for me.

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 15:27

Every time I make one of these threads, some of my previous pipe dreams crop up in the related threads at the bottom

Sam

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Premium Member

Registered: 24th Dec 99
Location: West Midlands
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23rd Feb 12 at 15:30

sc0ott

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Registered: 16th Feb 09
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23rd Feb 12 at 15:30

Can you not sign your flat over to a close relative and set up a seperate account?

James

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Registered: 1st Jun 02
Location: Surrey
User status: Offline

23rd Feb 12 at 15:33

quote:
Originally posted by sc0ott
Can you not sign your flat over to a close relative and set up a seperate account?

Possibly although it would only be beneficial if that person wasn't earning any other income. Which is tricky, although my mum is retiring soon so that could be an option.

[Edited on 23-02-2012 by James]

NovaGTE2

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Registered: 26th Sep 06
Location: Peasedown St John, Bristol Avon
User status: Offline

23rd Feb 12 at 15:36

I think it depends on the country you are moving to; when i looked into it recentley when was offered a job in Oz they have allowances to cover this; i cant remember the in's and out's but basically wasnt going to an issue on the two places i have

whitter45

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Registered: 15th Nov 02
Location: Norton
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24th Feb 12 at 15:31