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Rental property uk -now non resident

(6 Posts)
newbiefrugalgal Thu 04-Dec-14 08:41:37

Hello,
Wondering if anyone can help. We have a rental property which used to be our family home. Now living permanent overseas so would become non resident.
Any idea how this would affect our rental property? What can we claim?
Much appreciated

LIZS Thu 04-Dec-14 08:45:33

Are your registered with HMRC as a non resident landlord ? Not sure what you mean by claim. You are still liable for UK tax on any income, CGT if you keep it longer term then sell, depending when you last had it as your principal residence, and some countries will tax the asset value locally as well.

Greengrow Thu 04-Dec-14 18:41:29

Yes it's more the other way round - yesterday's Autumn statement extracting more money from those living abroad who have properties in the UK.

specialsubject Fri 05-Dec-14 13:53:16

you need to register as a non-resident landlord. This doesn't remove your liability for tax on the rental income in the UK, but stops it all being deducted at once which may affect your cashflow.

you need to do a UK tax return and retain a UK bank account for payments.

and no doubt you also need a competent agent to manage it.

as and when you sell there will be a CGT liability.

jwool Wed 17-Dec-14 14:28:12

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Gfplux Sun 28-Dec-14 19:50:51

If you want to be non resident of the UK and become officially resident in your new Country you will have to consider what retaining property in the UK will do to that.

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