Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Remortgaging UK property from Aus

Remortgaging UK property from Aus

Old Aug 29th 2011, 8:13 am
  #16  
BE Forum Addict
 
Safin's Avatar
 
Joined: May 2007
Location: Back in Blighty
Posts: 1,942
Safin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

I was thinking of the situation where you do in fact make a profit to be taxed on. If you make no profit then you can't be taxed.

Particularly sticky issue if in the uk you would have been under their threshold but in AU you are over the one here.

Unfortunately as for the OP if the property has no mortgage it's hard to find enough expenses to avoid profit.

(Still if you pay no tax it means you've made nothing. A % of something is always worth more than all of nothing)
Safin is offline  
Old Aug 29th 2011, 10:38 am
  #17  
BE Forum Addict
 
Joined: Oct 2006
Location: Nowhere - I'm a travelling (wo)man!
Posts: 2,362
louie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

It isn't a grey area. If you are tax resident in Australia, you pay tax on your worldwide income, including any rental profits in the UK.

And you aren't exempt from paying tax in the UK on UK rental profits, no matter where you live. If your UK-source income is below the tax threshold (£7,475 this year from memory), you will have a liability of nil, but that is not the same as being exempt.
louie is offline  
Old Aug 29th 2011, 9:41 pm
  #18  
BE Forum Addict
 
Safin's Avatar
 
Joined: May 2007
Location: Back in Blighty
Posts: 1,942
Safin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond reputeSafin has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

ok the point i am trying to make is this -

It's my understanding if you make a small uk profit (ie under the uk allowance) you have no uk liability but that same amount IS liable in AU (assuming you have other AU income that takes you over the AU allowance). Or even that you do pay some tax in the UK but have some of your profit as your tax free personal allowance then you still have to pay tax on ALL of it here.

Many people seem to think that tax free amounts (zero liability) in the UK don't need to be declared here. Now I really hope that I am wrong but ....
Safin is offline  
Old Aug 29th 2011, 9:57 pm
  #19  
On the Dark Side :-)
 
Mrs Jackaroo's Avatar
 
Joined: Apr 2004
Location: South Wales to New South Wales!
Posts: 3,065
Mrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond reputeMrs Jackaroo has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

We've remortgaged since being in Oz and used http://www.international-mortgage-plans.com/ - very helpful and very efficient
Mrs Jackaroo is offline  
Old Aug 29th 2011, 11:27 pm
  #20  
BE Forum Addict
 
Joined: Oct 2006
Location: Nowhere - I'm a travelling (wo)man!
Posts: 2,362
louie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond reputelouie has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

Safin, you are correct.
louie is offline  
Old Aug 30th 2011, 12:44 am
  #21  
Possum. Amiculum. Latrina
 
Turban Explorer's Avatar
 
Joined: Jan 2011
Location: Footloose
Posts: 3,427
Turban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond reputeTurban Explorer has a reputation beyond repute
Default Re: Remortgaging UK property from Aus

Originally Posted by louie
It isn't a grey area. If you are tax resident in Australia, you pay tax on your worldwide income, including any rental profits in the UK.

And you aren't exempt from paying tax in the UK on UK rental profits, no matter where you live. If your UK-source income is below the tax threshold (£7,475 this year from memory), you will have a liability of nil, but that is not the same as being exempt.
If you are a permanent resident or citizen.
Turban Explorer is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.