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Old 14.08.2014, 08:53
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Non-Residents May Lose Tax Allowance (Personal Allowance) [UK]

This article in BBC News may affect expats living and working abroad with a rented home back in England.

Osborne is at it again, I wish he'd made a fraction of his effort in closing the loophole for big corporations to legally avoid tax. Although the potential tax revenue of 400M is highly inflated, but that is a drop in the ocean compared to the corporation tax he is missing out on.

http://www.bbc.co.uk/news/uk-politics-28769969

I know rich people with tax advisors can easily work around this potential legislation but I also believe Orsborne is planning further changes to the tax treatment for Non-Residents.

The obvious one comes to mind is withdrawing the non payment of CGT liability for selling your home after 5 clear tax years of becoming Non-Resident.
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Old 14.08.2014, 09:38
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Re: Non-Residents May Loose Tax Allowance (Personal Allowance)

They should be careful. It could fall off if they don't tighten it up.
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Old 14.08.2014, 09:55
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Re: Non-Residents May Lose Tax Allowance (Personal Allowance)

well, the current allowance is quite generous.
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Old 14.08.2014, 10:01
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Re: Non-Residents May Lose Tax Allowance (Personal Allowance)

See also this earlier thread from April 2014 regarding proposed changes to CGT liability for UK non-residents: Proposed Capital Gains Tax on UK property for expats

Quote:
This article in BBC News may affect expats living and working abroad with a rented home back in England.

Osborne is at it again, I wish he'd made a fraction of his effort in closing the loophole for big corporations to legally avoid tax. Although the potential tax revenue of 400M is highly inflated, but that is a drop in the ocean compared to the corporation tax he is missing out on.

http://www.bbc.co.uk/news/uk-politics-28769969

I know rich people with tax advisors can easily work around this potential legislation but I also believe Orsborne is planning further changes to the tax treatment for Non-Residents.

The obvious one comes to mind is withdrawing the non payment of CGT liability for selling your home after 5 clear tax years of becoming Non-Resident.

Last edited by 3Wishes; 06.10.2014 at 20:00. Reason: removed name from quoted text
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Old 14.08.2014, 10:03
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Re: Non-Residents May Lose Tax Allowance (Personal Allowance)

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well, the current allowance is quite generous.
It's not as if there is any reason to give a 10,000 tax free allowance to non residents. I am not sure when it came in, however in 1991 it was not given.
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