spambot Posted December 5, 2014 Share Posted December 5, 2014 Although it was not mentioned in the Autumn Statement Wednesday 3rd Dec 2014 it was announced that the much discussed withdrawal of the UK personal allowance for non-residents will not happen until at least 2017. If there is a change of government next year it's possible, therefore, that it may never happen at all. .....So this is good news for UK Non resident landlords 2 Link to comment
KittenKong Posted December 5, 2014 Share Posted December 5, 2014 If there is a change of government next year taxation of rental payments will be the least of the problems. Total economic collapse would be of more concern. And do you seriously think that a new Labour government would not be keen to tax non-residents (even if they didnt have the wit to think of it themselves)? Link to comment
spambot Posted December 5, 2014 Author Share Posted December 5, 2014 If there is a change of government next year taxation of rental payments will be the least of the problems. Total economic collapse would be of more concern. And do you seriously think that a new Labour government would not be keen to tax non-residents (even if they didnt have the wit to think of it themselves)? The post is not meant to be a political comment - This is simple helpful information for UK landlords - They now have protection until April 2017 - With the added 'possibility' it might never happen. 1 Link to comment
Hedghog Posted December 5, 2014 Share Posted December 5, 2014 I let my accountant deal with all that stuff. The taxman hasn't a clue where I am. Link to comment
nong38 Posted December 5, 2014 Share Posted December 5, 2014 If there is a change of government next year taxation of rental payments will be the least of the problems. Total economic collapse would be of more concern. And do you seriously think that a new Labour government would not be keen to tax non-residents (even if they didnt have the wit to think of it themselves)? The post is not meant to be a political comment - This is simple helpful information for UK landlords - They now have protection until April 2017 - With the added 'possibility' it might never happen. I would not think there are many UK (non resident ) landlords in Thailand, unless of course you know differently. Link to comment
Popular Post Robroona Posted December 6, 2014 Popular Post Share Posted December 6, 2014 If there is a change of government next year taxation of rental payments will be the least of the problems. Total economic collapse would be of more concern. And do you seriously think that a new Labour government would not be keen to tax non-residents (even if they didnt have the wit to think of it themselves)? The post is not meant to be a political comment - This is simple helpful information for UK landlords - They now have protection until April 2017 - With the added 'possibility' it might never happen. I would not think there are many UK (non resident ) landlords in Thailand, unless of course you know differently. I know differently. In my small circle of friends, 5 are renting out property in UK, one is not. 3 Link to comment
spambot Posted December 6, 2014 Author Share Posted December 6, 2014 I let my accountant deal with all that stuff. The taxman hasn't a clue where I am. Yup - I understand - And the many people I know in Thailand that are renting out property, each are dealing with the issue of their geographic location in a different way. Currently the implications for disclosure are not that serious issues as long as you disclose your tax position correctly to HRMC . The new proposed tax change would have mean that your tax code would have to be changed. If your accountant knew you were non resident he/she would have been required to disclose your status as non resident. If they did not know your non residency status and you did not yourself disclose your residency as being overseas and did not change your tax code - This would become more serious and could be seen as tax evasion (if your true location was latter identified as non resident). Link to comment
topt Posted December 6, 2014 Share Posted December 6, 2014 If there is a change of government next year taxation of rental payments will be the least of the problems. Total economic collapse would be of more concern. And do you seriously think that a new Labour government would not be keen to tax non-residents (even if they didnt have the wit to think of it themselves)? The post is not meant to be a political comment - This is simple helpful information for UK landlords - They now have protection until April 2017 - With the added 'possibility' it might never happen. Op do you have a link to this information please? Link to comment
millwall_fan Posted December 6, 2014 Share Posted December 6, 2014 (edited) Does anyone know if this applies to pensions too? I am taking a government pension in March and was resigned to losing 20% of it in tax, but then I read a UK government consultative document online yesterday and they are saying that it is not the governments intention to cane pensioners. It seems that you guys are confirming this, at least in the short term. ...and I thought the Thais were masters of obfuscation! BTW I have long come to believe that all the mainstream parties in UK have pretty much the same policies, And the alternatives are the fascist BNP and UKIP or the idiotic back to the stone age' Greens. I'm glad I live here and don't have a say in party politics Edited December 6, 2014 by millwall_fan Link to comment
jay1980 Posted December 6, 2014 Share Posted December 6, 2014 The post is not meant to be a political comment - This is simple helpful information for UK landlords - They now have protection until April 2017 - With the added 'possibility' it might never happen. many thanks for posting, do u have a link to this announcement or a related news story please? cheers Link to comment
spambot Posted December 7, 2014 Author Share Posted December 7, 2014 http://www.telegraph.co.uk/finance/personalfinance/expat-money/11272572/Expats-will-keep-their-tax-break.html Hope this helps 1 Link to comment
steve187 Posted December 7, 2014 Share Posted December 7, 2014 Does anyone know if this applies to pensions too? I am taking a government pension in March and was resigned to losing 20% of it in tax, but then I read a UK government consultative document online yesterday and they are saying that it is not the governments intention to cane pensioners. It seems that you guys are confirming this, at least in the short term. ...and I thought the Thais were masters of obfuscation! BTW I have long come to believe that all the mainstream parties in UK have pretty much the same policies, And the alternatives are the fascist BNP and UKIP or the idiotic back to the stone age' Greens. I'm glad I live here and don't have a say in party politics From April 2015 any income over £10,600 will be taxed Link to comment
alfieconn Posted December 7, 2014 Share Posted December 7, 2014 http://www.telegraph.co.uk/finance/personalfinance/expat-money/11272572/Expats-will-keep-their-tax-break.html Hope this helps Can't see anything about 2017 ! Link to comment
spambot Posted December 7, 2014 Author Share Posted December 7, 2014 Links for date 2017 -http://www.connexionfrance.com/Non-residents-UK-tax-allowance-2017-George-Osborne-16416-view-article.html Link to comment
alfieconn Posted December 7, 2014 Share Posted December 7, 2014 Links for date 2017 -http://www.connexionfrance.com/Non-residents-UK-tax-allowance-2017-George-Osborne-16416-view-article.html Thanks for that, at least he said "Should it decide to proceed" so a little bit of hope ! 1 Link to comment
Guderian Posted December 11, 2014 Share Posted December 11, 2014 Great, my small UK pension starts in May 2017, which will probably be just in time for it to be fully taxed even though it will be less than the single person's allowance. Link to comment
Bomonster Posted December 11, 2014 Share Posted December 11, 2014 So what about tax to pay Thailand treaty or does uk not have treaty cheers Link to comment
emilymat Posted December 11, 2014 Share Posted December 11, 2014 Interesting posts, and thanks. However, I remain a bit of a sceptic about the future 2017-2020 - particularly if the Conservatives form the majority party. My reasons are simple. There is a 'pledge' to increase the personal allowance to 12500 by 2020 -which is obviously good news if you are a UK resident. This will have to be funded. Now, using me as an example. By removing my personal allowance on a 10000 p.a. state pension, the 2000 pounds will provide funding for up to 20-30 UK taxpayers over the period. (The maths are quite detailed but accurate). 20-30 taxpayers with a vote, certainly outweighs little me with no vote. It's an old trick, just before an election, to say "we have taken note of the concerns and complications and don't intend to implement this at this stage". The UK pension is a Social Security benefit, and anyone who watched the government lawyer at the European Court - when they were considering the freeze on UK pensions in this and other countries - could not have failed to notice that they (the government) consider us fortunate in getting it at all. The SS budget is going to be hammered over the next few years - Osborne has made that plain. That is why I think this matter has been temporarily shelved and not kicked into the long grass. In a way it's crazy economics. I certainly could not survive a 2000 drop in income here, so I'm off back to the UK next spring. Thereof course I can be a burden on the NHS (if anything goes wrong) and maybe claim SS benefits etc. Finally, like many, I pay UK income tax on my private pension, even though that government lawyer argued I should have a 'frozen' state pension because I make 'no contribution' to the UK economy). Such is life Link to comment
OJAS Posted December 11, 2014 Share Posted December 11, 2014 However, I remain a bit of a sceptic about the future 2017-2020 - particularly if the Conservatives form the majority party. Personally, I would be more sceptical if Labour formed the majority party and adopted "tax and spend" policies. Link to comment
emilymat Posted December 11, 2014 Share Posted December 11, 2014 However, I remain a bit of a sceptic about the future 2017-2020 - particularly if the Conservatives form the majority party. Personally, I would be more sceptical if Labour formed the majority party and adopted "tax and spend" policies. Why do you have to make a political point like that?. I merely wished to point out that this is a conservative government Treasury review. It's their baby at present. That's all. Link to comment
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