2015 UK Budget

Old Jul 8th 2015, 4:24 am
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Default 2015 UK Budget

Some changes in the budget that may affect some of us.
The established position that you don't pay capital gains tax on your main residence just got more complicated.

Copied from an article

From 6 April 2015 it will become more unusual for UK resident taxpayers to receive relief on disposals of non UK homes and for non UK resident taxpayers to receive relief on the disposal of homes in the UK. This is because the relief will require the individual to meet a “day count test” in relation to the residence for each tax year for which it is claimed. Broadly, the “day count test” will be met if the individual or their spouse/civil partner spend at least 90 nights in the property in the tax year.

I understand this to mean that if you are resident here you will need to spend (at least) 90 nights in your UK home to be able to claim it as your main residence, otherwise you will get caught with CGT. As well as changing the CGT rules the definition of 'main residence = family home" could also have an implication on the inheritance tax changes from 2017 (additional relief for passing on the family home)

Anyone seen any other changes that could impact us ex-pats?
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Old Jul 9th 2015, 4:10 am
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Default Re: 2015 UK Budget

I've already decided once I move to Hungary I will not leave any assets such as property in UK .... apart from bank accounts .... my wife is Hungarian .... hopefully we can find a way round it.
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