Reply To: Tax evasion on property transactions and rentals

#73690

Melosine
Participant

shakeel,
Sorry if it was confusing.
My reply was actually in response to Goodstitch ,who is a UK resident, and even if the agents didn’t mention tax implications to him when he thought about buying a second home here , certainly as a businessman , he must have known that at the very least he would have to declare the property , and any income from it , to UK IR.
The tax form for a non resident is easy to fill in and any monies due can then be deducted from UK IR because of the double taxation agreement.

Yes, I am a resident, and am aware that, as it always has been in UK, assets world wide have to be accounted for.

Unfortunately many still think and have thought in the past they could dismiss assets in foreign countries because tax offices wouldn’t find out. Well ,the UK IR have had the means to do this for at least the last 10 years. Now with self assessment they will pounce…make no mistake.