Uk Offshore Banking

[NanLaew]

Midnight (GMT) tonight is the deadline to declare your intent to disclose your UK offshore tax liabilities before the chancellor kicks the door down and takes the lot, plus 100% and your firstborn male offspring.

Anyone here agreed to disclose their retirement nest-egg or are you going to play Russian roulette with the excise boys?

Seems like Blair/Brown would like to make the UK the same as the Republic of Bushistan in that no matter where you earn it, spend it or chose to live, they want their cut. All in the name of anti-terrorism and stopping mafia money laundering of course.

[bangkokrick]

Midnight (GMT) tonight is the deadline to declare your intent to disclose your UK offshore tax liabilities before the chancellor kicks the door down and takes the lot, plus 100% and your firstborn male offspring.

Anyone here agreed to disclose their retirement nest-egg or are you going to play Russian roulette with the excise boys?

Seems like Blair/Brown would like to make the UK the same as the Republic of Bushistan in that no matter where you earn it, spend it or chose to live, they want their cut. All in the name of anti-terrorism and stopping mafia money laundering of course.

Do you know if this affects people that are not UK tax payers?

Cheers Rick

[highchol]

Midnight (GMT) tonight is the deadline to declare your intent to disclose your UK offshore tax liabilities before the chancellor kicks the door down and takes the lot, plus 100% and your firstborn male offspring.

Anyone here agreed to disclose their retirement nest-egg or are you going to play Russian roulette with the excise boys?

Seems like Blair/Brown would like to make the UK the same as the Republic of Bushistan in that no matter where you earn it, spend it or chose to live, they want their cut. All in the name of anti-terrorism and stopping mafia money laundering of course.

Do you know if this affects people that are not UK tax payers?

Cheers Rick

I would assume it only affects UK residents who have offshore accounts but mailing address in the UK.

I guess it could also affect non residents if they still have bank statements sent to uk address ( they were once resident ). Dont know how far back they will go digging.

Edited June 22, 2007 by highchol

[bangkokrick]

Midnight (GMT) tonight is the deadline to declare your intent to disclose your UK offshore tax liabilities before the chancellor kicks the door down and takes the lot, plus 100% and your firstborn male offspring.

Anyone here agreed to disclose their retirement nest-egg or are you going to play Russian roulette with the excise boys?

Seems like Blair/Brown would like to make the UK the same as the Republic of Bushistan in that no matter where you earn it, spend it or chose to live, they want their cut. All in the name of anti-terrorism and stopping mafia money laundering of course.

Do you know if this affects people that are not UK tax payers?

Cheers Rick

I would assume it only affects UK residents who have offshore accounts but mailing address in the UK.

I guess it could also affect non residents if they still have bank statements sent to uk address ( they were once resident ). Dont know how far back they will go digging.

Thanks for the info. I only have a care of address in the UK so i hope things will be ok. Are you affected by these changes if so good luck.

Cheers, Rick

[NanLaew]

Here's the link.

https://disclosures.hmrc.gov.uk

I will let you decide whether it is applicable. It wasn't very well publicised; I received 1 letter from the bank 2 months ago saying that Excise would be looking at all offshore accounts and then the official letter from the government only 10 days before this deadline. I looks like any interest bearing account, regardless of where the statement gets sent, needs disclosure. And it goes beyond just banking as well.

[tropo]

This doesn't have much relevance to Pattaya. You may want to try posting it in another room i.e. General topics perhaps.

[geriatrickid]

This doesn't have much relevance to Pattaya. You may want to try posting it in another room i.e. General topics perhaps.

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property. (The Act allows the revenue agency to seek out and recoup.)

FYI, offshore banking industry in Jersey has been required to make full disclosure for over a decade. Countries other than the UK have had similar laws on their books for many years now. The UK is playing catchup.

[tropo]

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property.

I was waiting for that one.

The OP would serve the whole board more by sticking it in the General Topics section for the benefit of everyone.

[NanLaew]

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property.

I was waiting for that one.

The OP would serve the whole board more by sticking it in the General Topics section for the benefit of everyone.

But the general topics forum is debating if tall Thai girls are more desirable, if Thaksin will buy Manchester City and if Thai movie stars should be jailed for killing poor people.

I chose to 'live' here in Pattaya and don't really care if the Bangkok or Buriram expat Brit has their tax affairs in order; I don't really care if the Pattaya ones do either, just saw it as being more relevant to where we chose to reside. I think the Bangkok Brits are probably already well served, same for the Buriram bunch (both of 'em).

Sorry if I wasted anyones time. Deadline passed so OP invalid now anyway.

Thanks,

[bangkokrick]

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property.

I was waiting for that one.

The OP would serve the whole board more by sticking it in the General Topics section for the benefit of everyone.

But the general topics forum is debating if tall Thai girls are more desirable, if Thaksin will buy Manchester City and if Thai movie stars should be jailed for killing poor people.

I chose to 'live' here in Pattaya and don't really care if the Bangkok or Buriram expat Brit has their tax affairs in order; I don't really care if the Pattaya ones do either, just saw it as being more relevant to where we chose to reside. I think the Bangkok Brits are probably already well served, same for the Buriram bunch (both of 'em).

Sorry if I wasted anyones time. Deadline passed so OP invalid now anyway.

Thanks,

I for one are glad that you posted this topic because i would have otherwise missed the deadline. Please can this be moved somewhere so we can have a wider sudience. I dont understand the ins and outs of this disclosure, but maybe there are experts on the Forum.

Cheers Rick.

[highchol]

Ive missed the deadline because im here. I will probably have a letter waiting for me when I return to the UK.

Do you think I will get away with this exuse

[bangkokrick]

Ive missed the deadline because im here. I will probably have a letter waiting for me when I return to the UK.

Do you think I will get away with this exuse

No! but you can offer to diclose at the link maybe not too late.

Disclosures

[Penkoprod]

This is actually making big headlines in some quarters here in UK

Whats being said is that some mega rich tycoons (and quite a large percentage too !!!) are paying less taxes than the people they employ as cleaners (for instance)

This is probably a prelude to a tightening up of certain tax laws, to keep the Proles happy, the tycoons still able to duck and dive, and able to exploit other loopholes we know little about, but will greatly affect those of us that have savings offshore, or are looking to go offshore, with our paltry few hundred K

Penkoprod

[Thehedonist]

Midnight (GMT) tonight is the deadline to declare your intent to disclose your UK offshore tax liabilities before the chancellor kicks the door down and takes the lot, plus 100% and your firstborn male offspring.

Anyone here agreed to disclose their retirement nest-egg or are you going to play Russian roulette with the excise boys?

Seems like Blair/Brown would like to make the UK the same as the Republic of Bushistan in that no matter where you earn it, spend it or chose to live, they want their cut. All in the name of anti-terrorism and stopping mafia money laundering of course.

If you have premanantly left UK and reside in another country, no problem.

If you have a Uk property, and one in any other country you can name, inc LOS you must declare that also, but as you said later the deadline has passed, and the UK taxman has little mercy !

[Mobi]

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property.

I was waiting for that one.

The OP would serve the whole board more by sticking it in the General Topics section for the benefit of everyone.

There is nothing to stop you posting the same topic in more than one forum, if that is a sensible thing to do.

The General forum will get a far wider audience, and if the topic takes off, then you will certainly get a lot of expert advice, along with a lot of 'semi - trolls' who just want to be provocative and to start an argument, and ultimately get the thread closed. Equally, if 'eyes' happen to be elsewhere, topics can quickly sink without trace onto page 2, due to the flood of trivia that is posted daily in this forum.

If you are non resident for tax purposes, then you have nothing to fear about holding offshore accounts. (Note, just because you pay tax on UK generated income, that doesn't mean you cannot also be non - resident for income earned offshore. Briefly, it will depend on you overall tax status, where you live for a majority of the tax year, and some other 'non-resident' tests.'

If you are resident for UK tax purposes, and you have untaxed income in a offshore bank account, then you need to declare that income ASAP, as the UK tax authorities have the powers to get full disclosure from the banks.

[soihok]

Best not to live in the UK cos its pile of poo.

Believe me,I did it for 27 years.

Take advantage of the generous interest rates in the Isle of Man or the Channel Isles and dont live in the UK,I do it and cant fault it.

As Mobi says,,if you aren,t a UK resident,dont fear.

If you are ,,,time to declare your dosh.

I had a letter from Newcastle(5 years ago) saying that I could pay my unpaid Nat, Insurance pretty please.

Fat chance

[NanLaew]

If someone is a resident of Pattaya it does have relevance, particularly if they don't want a lien on their property.

I was waiting for that one.

The OP would serve the whole board more by sticking it in the General Topics section for the benefit of everyone.

There is nothing to stop you posting the same topic in more than one forum, if that is a sensible thing to do.

The General forum will get a far wider audience, and if the topic takes off, then you will certainly get a lot of expert advice, along with a lot of 'semi - trolls' who just want to be provocative and to start an argument, and ultimately get the thread closed. Equally, if 'eyes' happen to be elsewhere, topics can quickly sink without trace onto page 2, due to the flood of trivia that is posted daily in this forum.

If you are non resident for tax purposes, then you have nothing to fear about holding offshore accounts. (Note, just because you pay tax on UK generated income, that doesn't mean you cannot also be non - resident for income earned offshore. Briefly, it will depend on you overall tax status, where you live for a majority of the tax year, and some other 'non-resident' tests.'

If you are resident for UK tax purposes, and you have untaxed income in a offshore bank account, then you need to declare that income ASAP, as the UK tax authorities have the powers to get full disclosure from the banks.

Mobi has it right. Here's one of the faq to the revenue people at http://www.hmrc.gov.uk/cnr/faqs_general.htm#8

Q2. When I go to live or work abroad, will I continue to pay UK tax?

A2. If you remain treated as resident in the UK for UK tax purposes, normally you will be taxable on your income arising in the UK and overseas. If you are treated as resident and pay tax outside the UK we can give appropriate credit for any tax paid abroad.

If you become treated as non-resident, you will normally only be taxable on your income arising in the UK.

Further answers in the faq defines EXACTLY who is resident, not-ordinarily resident and non-resident in the eyes of the HMRC. Not just a simple matter of mailing addresses and the like.

[NanLaew]

Best not to live in the UK cos its pile of poo.

Believe me,I did it for 27 years.

Take advantage of the generous interest rates in the Isle of Man or the Channel Isles and dont live in the UK,I do it and cant fault it.

As Mobi says,,if you aren,t a UK resident,dont fear.

If you are ,,,time to declare your dosh.

I had a letter from Newcastle(5 years ago) saying that I could pay my unpaid Nat, Insurance pretty please.

Fat chance

There has been some debate on the pro's and con's of suspending NI contributions while overseas as it does affect whatever UK pension you become eligible for. Now if we have made our millions and turned our back on fair Albion forever, then it's a moot point. However, having that extra few quid for the 'golden years' shouldn't be discounted. Maybe just enough to buy a round at a TV Friday night pissup?

Edited June 24, 2007 by NanLaew

[Mobi]

Just to clarify a couple of points.

It used to be the case that if you spent less than 90 days in the UK in any tax year then you were elligible for non-resident tax status. This is no longer so clear cut, as recently the UK revenue took an airline pilot to court who had spent less than 90 days in the country and the revenue won their case. The reason was that even though he was abroad for more than 9 months, he still maintained a home in the Uk, and it was where his family lived, and they pointed to other factors (like attending millennium celebrations in the UK) which showed his real residence was in the UK.

So for those who have cut the ties with the UK and genuinely live abroad, there should be no problems, but just by being overseas for more than 9 months in any one tax year is no longer sufficient in itself.

With regard to NI contributions, you can write, or apply on line, to get a pension forecast. All you need is your NI number. This forecast will tell you what your pension will be at today's rates, when you retire, based on your total contributions to date. It will also tell you how much of the back log (if there is any) that you will be allowed to make up, and how many more years contributions you need to make to qualify for a maximum, (or as close to maximum as possible) pension. In a vast majority of cases it will be worth your while to make the shortfall and/or future contributions.

However, also note that there is legislation currently going through the House of Lords which will reduce the qualifying period for a full pension from 44 years contributions to 30 years. This will make a huge difference to people with shortfalls or working overseas, and in my particular case it will mean that I do not have to make any further contributions, whereas previously I was planning to.

[doctormann]

Some more info>

If you are non-resident in UK, for tax purposes, the only liability that you may incur is for the year that you 'permanently' left the UK (or for the year that you return, if intending to stay).

In my case, I left about halfway through a tax year and, at that time, my off-shore account was already up and running. According to the rules, or according to how I interpret them, I do owe the Revenue some tax on the interest that the account produced during that tax year. However, I am allowed to split that year into 'resident' and 'non-resident' portions so that, in my case, I will only owe them roughly half the tax that I would have done had I been resident for the whole year.

On the basis that I like a quiet life and do not wish to be hounded for the rest of my years, I have decided to make a disclosure and have used the Revenue web facility to tell them that I will do so. I really want to avoid the scenario where they might decide to 'recover' the tax by raiding my pension, or whatever, and I certainly don't want them interfering with any assets that I have in LoS (although, apparently, I have to declare my house and car! <deleted>!!).

Anyway, as the amount involved is trivial, I think that it will cost them more to process than they will ever get back. Som nam naa!!

DM

[bangkokrick]

Just to clarify a couple of points.

It used to be the case that if you spent less than 90 days in the UK in any tax year then you were elligible for non-resident tax status. This is no longer so clear cut, as recently the UK revenue took an airline pilot to court who had spent less than 90 days in the country and the revenue won their case. The reason was that even though he was abroad for more than 9 months, he still maintained a home in the Uk, and it was where his family lived, and they pointed to other factors (like attending millennium celebrations in the UK) which showed his real residence was in the UK.

So for those who have cut the ties with the UK and genuinely live abroad, there should be no problems, but just by being overseas for more than 9 months in any one tax year is no longer sufficient in itself.

With regard to NI contributions, you can write, or apply on line, to get a pension forecast. All you need is your NI number. This forecast will tell you what your pension will be at today's rates, when you retire, based on your total contributions to date. It will also tell you how much of the back log (if there is any) that you will be allowed to make up, and how many more years contributions you need to make to qualify for a maximum, (or as close to maximum as possible) pension. In a vast majority of cases it will be worth your while to make the shortfall and/or future contributions.

However, also note that there is legislation currently going through the House of Lords which will reduce the qualifying period for a full pension from 44 years contributions to 30 years. This will make a huge difference to people with shortfalls or working overseas, and in my particular case it will mean that I do not have to make any further contributions, whereas previously I was planning to.

Hi Mobi,

Thanks for the information, but i am still a little confused. I have lived in Thailand for around 8 yrs and a paid full tax amount for the last yesr that i worked in the UK. By the way i dont work in Thailand either so i dont pay Thai tax or have a work permit.

I have not paid tax in the UK or earned money in the UK for the past 8 years. Does this warrant a status of non residence. I also no longer have a property in the UK.

Thanks Rick

[Mobi]

Just to clarify a couple of points.

It used to be the case that if you spent less than 90 days in the UK in any tax year then you were elligible for non-resident tax status. This is no longer so clear cut, as recently the UK revenue took an airline pilot to court who had spent less than 90 days in the country and the revenue won their case. The reason was that even though he was abroad for more than 9 months, he still maintained a home in the Uk, and it was where his family lived, and they pointed to other factors (like attending millennium celebrations in the UK) which showed his real residence was in the UK.

So for those who have cut the ties with the UK and genuinely live abroad, there should be no problems, but just by being overseas for more than 9 months in any one tax year is no longer sufficient in itself.

With regard to NI contributions, you can write, or apply on line, to get a pension forecast. All you need is your NI number. This forecast will tell you what your pension will be at today's rates, when you retire, based on your total contributions to date. It will also tell you how much of the back log (if there is any) that you will be allowed to make up, and how many more years contributions you need to make to qualify for a maximum, (or as close to maximum as possible) pension. In a vast majority of cases it will be worth your while to make the shortfall and/or future contributions.

However, also note that there is legislation currently going through the House of Lords which will reduce the qualifying period for a full pension from 44 years contributions to 30 years. This will make a huge difference to people with shortfalls or working overseas, and in my particular case it will mean that I do not have to make any further contributions, whereas previously I was planning to.

Hi Mobi,

Thanks for the information, but i am still a little confused. I have lived in Thailand for around 8 yrs and a paid full tax amount for the last yesr that i worked in the UK. By the way i dont work in Thailand either so i dont pay Thai tax or have a work permit.

I have not paid tax in the UK or earned money in the UK for the past 8 years. Does this warrant a status of non residence. I also no longer have a property in the UK.

Thanks Rick

Hi Rick, every case is judged on its merits, but form what you say, you should be fine.

It seems that the revenue are targeting working expats, and people like airline pilots, who through their work, happen to spend over 9 months of the year out of the UK, yet in reality are maintaining their principal residence, and have their family and their ties are in the UK.

It was previously the case that a simple check of passport stamps was sufficient to establish non- residency and the revenue surprised everyone when they recently decided to challenge this assumption.

However, in your case I would say you have nothing to worry about if you have been living in LOS for 8 years.

Incidentally, just because you own a property in the UK it doesn't mean you can't be non-resident. If you rent that property out you will pay UK tax on the income, but any offshore income would still be exempt from tax. However, if that property is not rented, and you return to it periodically to stay there, and you maintain it as your UK address, then you may have a problem, even if you pass the 'passport test'.

[bangkokrick]

Just to clarify a couple of points.

It used to be the case that if you spent less than 90 days in the UK in any tax year then you were elligible for non-resident tax status. This is no longer so clear cut, as recently the UK revenue took an airline pilot to court who had spent less than 90 days in the country and the revenue won their case. The reason was that even though he was abroad for more than 9 months, he still maintained a home in the Uk, and it was where his family lived, and they pointed to other factors (like attending millennium celebrations in the UK) which showed his real residence was in the UK.

So for those who have cut the ties with the UK and genuinely live abroad, there should be no problems, but just by being overseas for more than 9 months in any one tax year is no longer sufficient in itself.

With regard to NI contributions, you can write, or apply on line, to get a pension forecast. All you need is your NI number. This forecast will tell you what your pension will be at today's rates, when you retire, based on your total contributions to date. It will also tell you how much of the back log (if there is any) that you will be allowed to make up, and how many more years contributions you need to make to qualify for a maximum, (or as close to maximum as possible) pension. In a vast majority of cases it will be worth your while to make the shortfall and/or future contributions.

However, also note that there is legislation currently going through the House of Lords which will reduce the qualifying period for a full pension from 44 years contributions to 30 years. This will make a huge difference to people with shortfalls or working overseas, and in my particular case it will mean that I do not have to make any further contributions, whereas previously I was planning to.

Hi Mobi,

Thanks for the information, but i am still a little confused. I have lived in Thailand for around 8 yrs and a paid full tax amount for the last yesr that i worked in the UK. By the way i dont work in Thailand either so i dont pay Thai tax or have a work permit.

I have not paid tax in the UK or earned money in the UK for the past 8 years. Does this warrant a status of non residence. I also no longer have a property in the UK.

Thanks Rick

Hi Rick, every case is judged on its merits, but form what you say, you should be fine.

It seems that the revenue are targeting working expats, and people like airline pilots, who through their work, happen to spend over 9 months of the year out of the UK, yet in reality are maintaining their principal residence, and have their family and their ties are in the UK.

It was previously the case that a simple check of passport stamps was sufficient to establish non- residency and the revenue surprised everyone when they recently decided to challenge this assumption.

However, in your case I would say you have nothing to worry about if you have been living in LOS for 8 years.

Incidentally, just because you own a property in the UK it doesn't mean you can't be non-resident. If you rent that property out you will pay UK tax on the income, but any offshore income would still be exempt from tax. However, if that property is not rented, and you return to it periodically to stay there, and you maintain it as your UK address, then you may have a problem, even if you pass the 'passport test'.

Thanks for the reply Mobi.

I feel a bit better about all this now. It seems that just as soon as you get settled one of the affecting governments changes the law so that you have to start over again. My plan is to buy a condo later in the year and i have the capital for this in my offshore account so i don't want to lose any of this to the taxman. I have no intention in returning to the UK for the future.

Cheers Rick.

[Humphrey Bear]

Incidentally, just because you own a property in the UK it doesn't mean you can't be non-resident. If you rent that property out you will pay UK tax on the income, but any offshore income would still be exempt from tax. However, if that property is not rented, and you return to it periodically to stay there, and you maintain it as your UK address, then you may have a problem, even if you pass the 'passport test'.

Not necessary to pay tax on a rented prop.

I have a house in the UK, rented through an agent.

About ten years ago I sat down with the IR people and got a 'FICO' number that confirmed I was 'non-resident for tax purposes' and gave this to my agent. No witholding 30%, no tax payments.

A couple of months ago my agent asked for a copy of the FICO letter as they couldn't find theirs. E-mailed a copy - got a letter back "Ta very much" and they said I continue not to pay tax. Mortgage finishes at the end of this year, so I don't know what will happen after that, if anything.

This is the house that would be my principal residence if I lived in the UK again.

[tasasc]

Incidentally, just because you own a property in the UK it doesn't mean you can't be non-resident. If you rent that property out you will pay UK tax on the income, but any offshore income would still be exempt from tax. However, if that property is not rented, and you return to it periodically to stay there, and you maintain it as your UK address, then you may have a problem, even if you pass the 'passport test'.

Not necessary to pay tax on a rented prop.

I have a house in the UK, rented through an agent.

About ten years ago I sat down with the IR people and got a 'FICO' number that confirmed I was 'non-resident for tax purposes' and gave this to my agent. No witholding 30%, no tax payments.

A couple of months ago my agent asked for a copy of the FICO letter as they couldn't find theirs. E-mailed a copy - got a letter back "Ta very much" and they said I continue not to pay tax. Mortgage finishes at the end of this year, so I don't know what will happen after that, if anything.

This is the house that would be my principal residence if I lived in the UK again.

I think that the interest on your mortgage is an allowable expense.

More information can be found here: http://www.hmrc.gov.uk/cnr/nr_landlords.htm

[Mobi]

Incidentally, just because you own a property in the UK it doesn't mean you can't be non-resident. If you rent that property out you will pay UK tax on the income, but any offshore income would still be exempt from tax. However, if that property is not rented, and you return to it periodically to stay there, and you maintain it as your UK address, then you may have a problem, even if you pass the 'passport test'.

Not necessary to pay tax on a rented prop.

I have a house in the UK, rented through an agent.

About ten years ago I sat down with the IR people and got a 'FICO' number that confirmed I was 'non-resident for tax purposes' and gave this to my agent. No witholding 30%, no tax payments.

A couple of months ago my agent asked for a copy of the FICO letter as they couldn't find theirs. E-mailed a copy - got a letter back "Ta very much" and they said I continue not to pay tax. Mortgage finishes at the end of this year, so I don't know what will happen after that, if anything.

This is the house that would be my principal residence if I lived in the UK again.

Hump, I'm not an expert on rented property in the UK, but I can say that any income generated in the UK from whatever source , is subject to UK income tax, after application of relevant deductions.

As you have declared yourself as non-resident, you have managed to avoid the normal rules whereby agent deduct tax at source from rent collected, in a similar way that a UK wage earner would have tax deducted by PAYE.

However, just because the agent does not deduct tax at source, that does not relieve you of your tax liability. It may be that your expense/outgoings exceed your rent, and therefore no tax is payable, but the underling principle is that you are taxable on any excess income over expenditure, like any other business in the UK.

I reiterate I am not an expert on property renting, and it looks like the site tasasc has quoted is an excellent place to get all the information you need on this subject.

[Humphrey Bear]

Hump, I'm not an expert on rented property in the UK, but I can say that any income generated in the UK from whatever source , is subject to UK income tax, after application of relevant deductions.

As you have declared yourself as non-resident, you have managed to avoid the normal rules whereby agent deduct tax at source from rent collected, in a similar way that a UK wage earner would have tax deducted by PAYE.

However, just because the agent does not deduct tax at source, that does not relieve you of your tax liability. It may be that your expense/outgoings exceed your rent, and therefore no tax is payable, but the underling principle is that you are taxable on any excess income over expenditure, like any other business in the UK.

Agree with you. When I receive my quarterly and annual accounts from the agency this shows my income in UK. Not enough to live on in Thailand, usually!

Mortgage and repayments thereof are off-shore, so don't come into the equation.

Just last month the tenant complained about a broken handle on the front door, so the agent sent round a 'handyman'. After that I had to replace the entire front door and frame, 'coz the handyman must have qualified in Pattaya. Couldn't take a lockset out of the door frame without destroying the door. Useless East Anglian pillock. (Must have been from Norwich)

Over the years I have had to replace a lot of things that the tenants complain about, unblock drains and so on. But at the end of the year there is some money in the bank and the house has been lived-in, so I don't complain - much.

[astral]

Not necessary to pay tax on a rented prop.

I have a house in the UK, rented through an agent.

If the rental exceeds your allowance you are definitely liable for tax on rental income.

The agent will take care of it. If he does not he becomes liable for the tax.

[Humphrey Bear]

Not necessary to pay tax on a rented prop.

I have a house in the UK, rented through an agent.

If the rental exceeds your allowance you are definitely liable for tax on rental income.

The agent will take care of it. If he does not he becomes liable for the tax.

Believe me, it's not a mansion.

On a 35-hour week at minimum wage I would earn as much as the rent - before the agent takes off her commission.

[Mobi]

I too used to own a house in the UK and was planning to rent it out when my daughter moved out to go to Uni.

But after checking the potential rental prices, and the agents commission etc, I did a quick calculation and concluded that I would be better off selling the property, and investing the proceeds offshore, which would generate tax free income, as opposed to a tax rate of 40% on my net rental income. I was also worried about owning a house so far away, and having to trust an agent to take care of everything.

I appreciate there is a capital gains aspect to owning property in the UK, but I have never regretted my decision, as I have no plans to return to England. And I don't have sleepless nights, every time there are floods, gales or snowstorms back home.