Re: Re: British expats must declare overseas assets

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katy
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@chopera wrote:

@jakesuper wrote:

Someone discovered to have more than 50,000 euros in an undeclared overseas account, for example, would be taxed at 52 per cent – the top rate. Additionally, the fine for failing to declare the account would be 150 per cent of the 52 per cent.

Slightly confused here. Normally it is income from assets or the liquidation of assets that is taxed. Not the value of the asset itself. Are they suggesting they will tax the value of the asset? So if you own a house in the UK that you don’t rent out, will they tax you just for owning that property or will they only tax you CGT if you sell it?

Bit of wrong info’ from Jake. Wealth tax kicks in if you have income and assets over 700,000 and then I think there is an allowance of around 300,000pp. However, if you have a house in the UK in eg London and a decent villa in Spain you could top that easily. They also want the value of you company pension. Some with an average lifestyle could find themselves paying wealth tax 👿 👿