UK expats to be hit by new tax rules –

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This topic contains 4 replies, has 4 voices, and was last updated by Profile photo of baromi baromi 2 years, 3 months ago.

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  • #182801
    Profile photo of DBMarcos99
    DBMarcos99
    Participant

    Will this result in Brits going back home? Or as the article hints, expats deciding to severe ties by selling off the uk property? Either way it could have an effect on property demand.

    http://www.thisismoney.co.uk/money/pensions/article-2722802/Expats-face-tax-hike-Treasury-plots-snatch-personal-allowance-living-abroad.html

     

  • #182830
    Profile photo of Mark Stücklin
    Mark Stücklin
    Keymaster

    Well, I imagine that if it came to pass, it would reduce British expat demand for property in Spain. However, the Spanish taxman is already doing a great job of that. Nothing the HMRC can do will come close to the damage done by Hacienda.

  • #182849
    Profile photo of Chopera
    Chopera
    Participant

    I believe the UK also plans to tax all property sales by non-residents so it’s a bit of a double-whammy for expats renting out property in the UK, and extra incentive to sell now.

  • #182850
    Profile photo of Chopera
    Chopera
    Participant

    I believe the UK plans to start taxing all propertry sales by non-residents next year, so it’s a bit of a double-whammy for expats renting out property in the UK and more incentive to sell UK property now.

  • #182851
    Profile photo of baromi
    baromi
    Participant

    There must be thousands of expats working abroad and sending a large portion of their earnings back to the UK to support their families who spend the money for general living costs (paying tax on all purchases). These expats are an invisible export. Personally I left the UK 22 years ago, we got no reduction in community charge for 1 adult living in the house since it was deemed by the local authority that I was out of the country for working reasons (they cited a case concerning merchant seamen). So now will they demand capital gains tax?

    We are and have been told to plan for the future, save for retirement etc.

    How can anyone do this if the rules change every five minutes?

    Saving for a retirement takes a lifetime, so the rules should be frozen when you pay your first NI contribution.

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