flapsterhp

Hi all, can anybody help me out here? When we move over to Oz next year we are going to keep our house in the U.K. and rent it out, will I have to pay income tax on this to the inland robbing revenue or not. Andy

steve`o

probably yes

rent is classed as un-earned income and taxable at the higher rate
although you can offset some items via your tax assessment

it would be woth yourtime and money consulting an accountant
just to check what can and cannot be off set

eintracht

I would say No. If you have informed the Inland Revenue that you are no longer resident in this country then you shouldn't be liable for income tax in the UK. However, if you then transfer that money to Australia you may be liable to income tax there.

walaj

there are various tax implications also in Australia - rental income, a when you do sell: gain in value on the property, gains made on exchange rates.

How much you are taxed and what can be offset, along with tax planning to minimise any liabilty will depend on your personal situation and would be best to seek professional advice before you take such a course of action.

FRAYNE

Hi there when we spoke to the estate agent about renting out our house they said we had to ask the tax office for a form fIco she said we could down load it from the internet if we didnt get this form we would have to pay 50% of the rent money in tax, they have to inform the inland revenue