Re: House In UK
 

Aviator.....as clear as something not very clear. My brain is not built for tax. Will have to find an accountant conversant with moving abroad. I have a house that I rent that I want to keep long term.

Amaresh- I would worry about damage to the house if it were empty, frozen pipes bursting etc, money you might need to send back not covered by rental income, squatters?

We are selling our main residence as I probably wouldn't want to live there again, and to put towards a house over here. Also, I think renting could devalue a house and potentially put buyers off altogether if they don't look after it. A house that is not earning you any income, and you have to send money back (the wrong way) to cover mortgage/council tax etc seems pointless. A very expensive holiday home.

Re: House In UK
 

I'm sure some folks know about non resident & tax, especially capital gains tax

For the uninformed, HMRC provide for you the following

http://www.hmrc.gov.uk/rates/cgt.htm

http://www.hmrc.gov.uk/international/res-dom.htm

Re: House In UK
 

Wise words. Thank you.

Re: House In UK
 

Thanks, not2old.

Could you please have a look at the PM I sent you?

Please let me know what OP and POV mean.

thanks.

Re: House In UK
 

HMRC Q&A on capital gains (CG)

http://www.hmrc.gov.uk/cnr/faqs_capgains.htm

BTW, if ever anyone is thinking about devaluing the asset to avoid or lower the CG impact- I'm guessing that you may get penalized, fined for false declaration of value etc

HMRC in all likelihood knows that you are not resident & I think on disposition of the property the value its sold for is public through the land registry office, the estate agents records even who the buyer was & what they paid

Re: House In UK
 

:ohmy::ohmy::ohmy:

OP = opening post

POV = point of view

Re: House In UK
 

Not2old. Thanks. A lot simpler. I'm not being uninformed. I simply haven't gotten round to finding out about it yet. It's on my list of things to do before we leave the country. Incidentally, I've had it valued this week as we need to change mortgage providers, so will have to make sure I keep the information somewhere safe!!

Re: House In UK
 

:goodpost:

in the time of need doing what you plan on doing the services of an Accountant & Solicitor are worth the money spent to sleep at night & to not have to do all the time & effort yourself.;);)

Re: House In UK
 

in the time of need doing what you plan on doing the services of an Accountant & Solicitor are worth the money spent to sleep at night & to not have to do all the time & effort yourself.;);)[/QUOTE]

Absolutely!!! :)

Re: House In UK
 

:)

Re: House In UK
 

from your OP post#1

After reading the discussion & responses in this thread - have you decided to sell or rent the house?

Re: House In UK
 

Couple of practical points:

1) if you keep it empty, your regular home insurance won't cover if its uninhabited for longer than 60 or 90 days
2) security considerations - an empty house is likely to be a target for burglary
3) if you rent it a good letting agent will minimise the chance of tenant damage and having the property occupied will prevent issue like frozen pipes
4) if you rent, its likely your mortgage will not allow you to rent without requesting 'Consent to Let' from Clydesdale. A regular mortgage contract will not allow you to rent the house without permission. Be prepared to pay a fee and possibly an interest rate loading for this.

Re: House In UK
 

Pm sent again :)

Re: House In UK
 

Sensible idea will be to sell the house

Re: House In UK
 

I know not all mortgage providers are the same but mine allowed permission to let without fee or mortgage interest rate change.

Leaving the country is a very reasonable reason to want to rent. Mine was under different circumstances.