Expat tax trap?????
Sep 12th 2021, 9:57 am
#1
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Expat tax trap?????
Hi everyone! I saw this article....can anyone tell me if this is true?
<snip>
I was aware that you needed to wait 6 months until you become a resident again before buying property but this rule makes no sense to me and I cannot verify it anywhere!! Is this true?? Does anyone know any way around it if it is true? I want to return home from Australia and buy a place as soon as possible but this is putting me off if I have to pay all this stamp duty!
Thanks in advance
<snip>
I was aware that you needed to wait 6 months until you become a resident again before buying property but this rule makes no sense to me and I cannot verify it anywhere!! Is this true?? Does anyone know any way around it if it is true? I want to return home from Australia and buy a place as soon as possible but this is putting me off if I have to pay all this stamp duty!
Thanks in advance
Last edited by christmasoompa; Sep 12th 2021 at 12:49 pm. Reason: As per site rules on copyright, pls post a link to the article instead.
Sep 12th 2021, 11:49 am
#2
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Re: Expat tax trap?????
Not sure about the new stamp duty rates but I don't believe you have to wait 6 months after returning to buy a house. That certainly was not the case when we moved back in May 2016 and had an offer accepted in October. Of course I won't be surprised if the law has changed. Our son moved to England end of September 2017, stayed with us while he bought a house, and he bought and moved into his house in December that year, just before Christmas.
Sep 12th 2021, 12:52 pm
#3
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Re: Expat tax trap?????
Sorry, I had to edit your post due to copyright - as per site rules, you can't copy and paste articles like that, only a link is allowed.
But there's no rule that says you can't buy property until you've been resident in the UK for 6 months (plenty buy property from abroad without being resident at all!). But yes, there is an additional stamp duty, although you can apply to have that reimbursed at a later date. https://www.gov.uk/guidance/rates-of...and-how-refund
HTH.
But there's no rule that says you can't buy property until you've been resident in the UK for 6 months (plenty buy property from abroad without being resident at all!). But yes, there is an additional stamp duty, although you can apply to have that reimbursed at a later date. https://www.gov.uk/guidance/rates-of...and-how-refund
HTH.
Sep 13th 2021, 6:20 pm
#4
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Re: Expat tax trap?????
Sorry, I had to edit your post due to copyright - as per site rules, you can't copy and paste articles like that, only a link is allowed.
But there's no rule that says you can't buy property until you've been resident in the UK for 6 months (plenty buy property from abroad without being resident at all!). But yes, there is an additional stamp duty, although you can apply to have that reimbursed at a later date. https://www.gov.uk/guidance/rates-of...and-how-refund
HTH.
But there's no rule that says you can't buy property until you've been resident in the UK for 6 months (plenty buy property from abroad without being resident at all!). But yes, there is an additional stamp duty, although you can apply to have that reimbursed at a later date. https://www.gov.uk/guidance/rates-of...and-how-refund
HTH.
Sep 13th 2021, 6:51 pm
#5
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Re: Expat tax trap?????
We bought a house in the UK which we started from Canada. If you are not yet tax residents you have to pay an extra 2% stamp duty which you can claim back after 6 months but you do need to prove by records bills, bank statements that you have lived in the UK for that period.
Can non tax residents buy a buy to let property in England?
I am aware of general rule that deposit has to be min 25%, but for remaining amount would mortgage be available? I plan to work in Middle east, however will get paid in UK without being tax resident in UK...
thanks in advance
MD
Sep 14th 2021, 1:02 pm
#6
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Re: Expat tax trap?????
Hi everyone! I saw this article....can anyone tell me if this is true?
<snip>
I was aware that you needed to wait 6 months until you become a resident again before buying property but this rule makes no sense to me and I cannot verify it anywhere!! Is this true?? Does anyone know any way around it if it is true? I want to return home from Australia and buy a place as soon as possible but this is putting me off if I have to pay all this stamp duty!
Thanks in advance
<snip>
I was aware that you needed to wait 6 months until you become a resident again before buying property but this rule makes no sense to me and I cannot verify it anywhere!! Is this true?? Does anyone know any way around it if it is true? I want to return home from Australia and buy a place as soon as possible but this is putting me off if I have to pay all this stamp duty!
Thanks in advance
Unfortunately the increased stamp duty rule is correct.
Sep 14th 2021, 3:26 pm
#7
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