Letting out UK property + emigrating. Experiences
Jan 21st 2015, 1:34 pm
#16
Forum Regular
Joined: May 2008
Location: Liverpool > Toronto > San Diego
Posts: 124
Re: Letting out UK property + emigrating. Experiences
The personal allowance is around £10,000 so you start paying tax on the profit once it exceeds this threshold. And the initial tax rate is 20%, not 40%.
Something else for long term property owners to consider is Inheritance Tax. Even if you no longer have a U.K. domicile, Inheritance Tax will always apply to property situated in the United Kingdom.
Something else for long term property owners to consider is Inheritance Tax. Even if you no longer have a U.K. domicile, Inheritance Tax will always apply to property situated in the United Kingdom.
There was talk of forcing non-resident landlords to pay higher rates. There's also talk of scrapping allowances for non-residents.
Jan 22nd 2015, 9:01 pm
#17
Just Joined
Joined: Jan 2015
Posts: 2
Re: Letting out UK property + emigrating. Experiences
Hi,
I moved to Canada and kept my property in the UK. For the first year I rented directly to a friend (super easy). The second year I'm using a Letting Agent. Not quite as simple because they are slow to transfer rent cheques to me. They charge 10% of the rent in fees.
Regarding the mortgage, I don't have a Buy to Let mortgage, however some mortgage companies allow you to rent your property, providing you seek permission from them first. In my case they added 1% to the Interest Rate.
Hope this helps.
I moved to Canada and kept my property in the UK. For the first year I rented directly to a friend (super easy). The second year I'm using a Letting Agent. Not quite as simple because they are slow to transfer rent cheques to me. They charge 10% of the rent in fees.
Regarding the mortgage, I don't have a Buy to Let mortgage, however some mortgage companies allow you to rent your property, providing you seek permission from them first. In my case they added 1% to the Interest Rate.
Hope this helps.
