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owning a house in the uk

owning a house in the uk

Old Sep 16th 2005, 4:20 pm
  #16  
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Default Re: owning a house in the uk

Originally Posted by Cowtown
This is completely wrong. It is taxed again just that the tax you paid in the UK is 'converted' to a credit so you get a reduction in the tax due. There are some very complicated rules relating to foreign tax credits so in some cases this might mean you dont recover all of your tax. It does not 'stand alone' - its added to the rest of your income.

Plus you need to remember that you calculate your profit under Canadian law and not UK law.
Totally agree with Cowtown here.

All those intending "not to declare" income earned in the UK are skating on very thin ice. If the authorities find out it will be bye bye Canadian dream (unless you are a citizen) and a hefty fine/imprisonment - all for the sake of saving, what is likely to be, relatively small cash. :scared:
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Old Sep 16th 2005, 4:23 pm
  #17  
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Default Re: owning a house in the uk

Originally Posted by Dying to leave England
Totally agree with Cowtown here.

All those intending "not to declare" income earned in the UK are skating on very thin ice. If the authorities find out it will be bye bye Canadian dream (unless you are a citizen) and a hefty fine/imprisonment - all for the sake of saving, what is likely to be, relatively small cash. :scared:
Without wanting to pour oil on troubled waters, if the money (rather than income) is derived in the UK and stays in an offshore or UK account, there is no need to declare it and it can sit there for as long as you want? Thus there is a key difference between income and money received depending on where you receive it....
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Old Sep 16th 2005, 4:31 pm
  #18  
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Default Re: owning a house in the uk

Originally Posted by ajphilpott
Without wanting to pour oil on troubled waters, if the money (rather than income) is derived in the UK and stays in an offshore or UK account, there is no need to declare it and it can sit there for as long as you want? Thus there is a key difference between income and money received depending on where you receive it....
What is income if it is not "money received" - I'm not a tax lawyer or an accountant but I would have thought they are the same thing ??
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Old Sep 16th 2005, 10:06 pm
  #19  
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Default Re: owning a house in the uk

Originally Posted by ajphilpott
Without wanting to pour oil on troubled waters, if the money (rather than income) is derived in the UK and stays in an offshore or UK account, there is no need to declare it and it can sit there for as long as you want? Thus there is a key difference between income and money received depending on where you receive it....
If you are planning to play that game you should definitely get professional advice. The rules are very complicated and your residency, deemed residency and domicile become critical.
 

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