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trumpette
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« on: 16 May 2010, 20:05:20 pm » |
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i hear the tories may be increasing CG tax on properties. as i understand it if i'm non resident UK citizen im not liable for CG on my UK properties. is this regardless on the number of properties i own?
thanks for replies....
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ExpatSingapore Message Board
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« on: 16 May 2010, 20:05:20 pm » |
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well
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« Reply #1 on: 16 May 2010, 20:58:20 pm » |
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I think you have to be non domiciled rather than non resident.
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journalist guy
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« Reply #2 on: 16 May 2010, 21:01:48 pm » |
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Increases are on the cards. It will knock the stuffing out of the property market now.
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seekadvice
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« Reply #3 on: 17 May 2010, 7:22:52 am » |
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I would talk to a financial advisor or UK tax expert. From my limited knowledge I believe that you are exempt so long as you are out of the country. When you go back you are liable so the key is to start offloading property one by one before you go back. There is a way to legally avoid it, as with most tax things. I believe you need to have just one property (your home) a year minimum before you return.
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Not exempt.
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« Reply #4 on: 17 May 2010, 8:18:04 am » |
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I'd heard that you're not exempt if you live overseas. And also that it has to be longer than one year. Contact the Inland Revenue directly - you don't have to give your personal details - they are very helpful and explain it all very clearly.
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dodgy advice
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« Reply #5 on: 17 May 2010, 9:34:52 am » |
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Nothing to do with domicile, that is iht.
Exemption for main residence.
For others it depends when you return and other factors. You need a tax accountant.
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Taxman Cometh
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« Reply #6 on: 17 May 2010, 10:18:12 am » |
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Google the following string.
Frequently Asked Questions (FAQs) - Capital Gains
Your answer is mainly contained here:
Q6. How long do I need to be abroad to avoid being liable to capital gains tax?
A. This depends on when you left the UK:
(i) If you left the UK on or before 16 March 1998 see the answer to Q3.
(ii) If you left the UK on or after 17 March 1998 you would need to be not resident and not ordinarily resident in the UK for at least 5 full tax years between the year you left the UK and the year of your return.
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changing times
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« Reply #7 on: 17 May 2010, 19:40:26 pm » |
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The new government are focusing on tax avoidance. How long is it before all citizens have to pay tax wherever we go and no matter how long we go for..? I hope they dont go that far
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Taxman Cometh
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« Reply #8 on: 19 May 2010, 16:35:09 pm » |
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To PP: Tax avoidance is legal, tax evasion is not.
This means that it is perfectly legal to arrange your affairs in a manner to minimise your tax bill but it is not legal to hide income and assets.
Personally, I wish all governments would stamp out the tax cheats. It would certainly reduce the burden on the honest taxpayers by ensuring that everyone pays their fair share.
Imposing UK taxes on UK citizens wherever they are, is not presently on the major parties' agenda and probably will not be for a long time as it discourages people from going abroad to earn a living (and probably send remittances to the UK), at a time when jobs are scarce in the country anyway.
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changing times
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« Reply #9 on: 19 May 2010, 21:21:34 pm » |
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I would like to think that will remain the case. Many at home feel that we british should be paying tax whether we live at home or abroad and nobody should be avoiding paying tax or NI. I am sure this will come soon. The tories are closing in on all this. Lib Dems may call for it too. before too long we will be like the aussies and the americans and there will be no point going abroad.
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rip off britain
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« Reply #10 on: 20 May 2010, 16:45:15 pm » |
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Brown looked at global tax a few times.
If it happens then I'm irish, they can have my passport back and I don't care, irish still eu so lose nothing.
B+stards have owed me rabates for 9 years, only got first rebate by sueing them. Can screw themselves if they really think global tax will help.
Biggest problem now is changing domicile for inheritance reasons.
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rips off britain
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« Reply #11 on: 20 May 2010, 19:26:59 pm » |
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I have had enough of it too. I think before too long they will go for us expats and make us pay tax. Its got to come although I bleeding well hope it doesn't. All tax loopholes will close under the new government.
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CGT
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« Reply #12 on: 01 June 2010, 13:04:51 pm » |
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You are absolutely required to pay CGT currently on your UK properties whether you are resident or not, the only exemption is for your primary residence.
I really wish the UK tax authorities were much more rigorous in tracking down foreign owners to make sure they are paying their taxes. Too many are able to slip through the net via fraud.
Personally I think worldwide taxation will not be introduced for the UK, only the US and the Phillipines (!) have it.
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