BREXIT
May 27th 2019, 10:58 am
#1
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 34
BREXIT
Hi, I know none of us have a crystal ball, but...I would appreciate all thoughts / weigh ins.
We are in the process of moving back and are house hunting.
I am concerned that a hard Brexit will crash house prices and the economy, but that this will take be a gradual process after October.
Would you rent in the interim (Between July and October) or plunge in and purchase the house (cash)
All thoughts greatly appreciated.
Thanks alot
We are in the process of moving back and are house hunting.
I am concerned that a hard Brexit will crash house prices and the economy, but that this will take be a gradual process after October.
Would you rent in the interim (Between July and October) or plunge in and purchase the house (cash)
All thoughts greatly appreciated.
Thanks alot
May 27th 2019, 11:30 am
#2
Joined: Feb 2012
Location: Not in Paris
Posts: 18,186
Re: BREXIT
House prices have already been suppressed for the last three years by the uncertainty. If we do actually leave on 31 October - deal or no deal - then expect them to start to rise again, all things being equal. If you want to move back then buy now.
May 27th 2019, 12:20 pm
#3
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 34
Re: BREXIT
Thanks for letting me know. Much appreciated.
May 27th 2019, 4:16 pm
#4
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,126
Re: BREXIT
If you are moving from the USA then the current extremely favorable exchange rates are a big plus. We bought a house in 2017 and the low exchange rate meant that we saved $100k if we had bought in 2015.
House prices may or may not go down after leaving the EU but if the UK stays in the exchange rate may well strengthen meaning a lot fewer £s to the $.
House prices may or may not go down after leaving the EU but if the UK stays in the exchange rate may well strengthen meaning a lot fewer £s to the $.
May 27th 2019, 4:20 pm
#5
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 34
Re: BREXIT
Hi Durham lad
thank you very much for the feedback.
Much appreciated.
thank you very much for the feedback.
Much appreciated.
If you are moving from the USA then the current extremely favorable exchange rates are a big plus. We bought a house in 2017 and the low exchange rate meant that we saved $100k if we had bought in 2015.
House prices may or may not go down after leaving the EU but if the UK stays in the exchange rate may well strengthen meaning a lot fewer £s to the $.
House prices may or may not go down after leaving the EU but if the UK stays in the exchange rate may well strengthen meaning a lot fewer £s to the $.
May 28th 2019, 7:15 am
#10
Just Joined
Joined: Mar 2019
Posts: 10
Re: BREXIT
I am very confused with the tax. I've been searching on the government site and it says we have to pay the tax on the money which brought from oversea if you are resident in the UK.
some people say I do not need...
some people say I do not need...
May 28th 2019, 8:42 am
#13
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,126
Re: BREXIT
I live in the UK and receive a US pension plus interest from savings. I pay UK income tax on the interest and pension. My US pension and interest are paid into my US savings accounts. When I transfer money from my savings to the UK there is no tax due at all.
May 28th 2019, 10:07 am
#14
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: BREXIT
+1
I am not sure what arcane tax information Dragonfruit has been reading, because generally if you are "ordinarily resident" in the UK you pay tax on your worldwide income irrespective of whether you remit it to the UK or not, but there is something known as, IIRC, the "remittance basis", which means you pay tax on income remitted to the UK, but that only applies in a very narrow set of circumstances, i.e. you are "resident but not ordinarily resident" in the UK.
In any case remitting money you earned, paid tax on, and saved while you were overseas, is not taxed (again) when you send it to the UK.
I am not sure what arcane tax information Dragonfruit has been reading, because generally if you are "ordinarily resident" in the UK you pay tax on your worldwide income irrespective of whether you remit it to the UK or not, but there is something known as, IIRC, the "remittance basis", which means you pay tax on income remitted to the UK, but that only applies in a very narrow set of circumstances, i.e. you are "resident but not ordinarily resident" in the UK.
In any case remitting money you earned, paid tax on, and saved while you were overseas, is not taxed (again) when you send it to the UK.
Last edited by Pulaski; May 28th 2019 at 10:13 am.
