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Leaving a rented property in the UK

Leaving a rented property in the UK

Old Aug 14th 2007, 2:38 pm
  #1  
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Default Leaving a rented property in the UK

I'm wondering if anyone can tell me how this works re: tax, etc in the UK. We are going to keep a property in the UK (that we rent out to a tennant) and I am really unsure what I need to do re the inland revenue / tax etc. Does anyone else have experience of this? Would we still need to fill in a tax return even though we'll be residents of another country? I'm confused.

I'm just looking for some information and I don't know where to start. If anyone can point me in the right direction, that would be really appreciated.

Also, what about people's UK pensions and investments, do I need to do anything with them or can I just leave them alone for now?

Any help appreciated.
Thanks.

Last edited by miss_ck; Aug 14th 2007 at 2:40 pm.
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Old Aug 14th 2007, 2:47 pm
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Default Re: Leaving a rented property in the UK

Originally Posted by miss_ck
I'm wondering if anyone can tell me how this works re: tax, etc in the UK. We are going to keep a property in the UK and I am really unsure what I need to do re the inland revenue / tax etc. Does anyone else have experience of this? Would we still need to fill in a tax return even though we'll be residents of another country? I'm confused.

I'm just looking for some information and I don't know where to start. If anyone can point me in the right direction, that would be really appreciated.

Also, what about people's UK pensions and investments, do I need to do anything with them or can I just leave them alone for now?

Any help appreciated.
Thanks.
I am no expert but I have been looking at this as well.

You will need to fill in your p86 to let them know you are leaving. If you have money in a savings account in the UK you can fill in an R102 and give it to the bank and then you wont get taxed on savings.

As far as i can tell UK based investments paying dividends will be taxable in the UK as income as will your rent from property although if there is a mortgage on the property that is tax deductable, and you obviously get your tax allowance.

Any income earned abroad is not taxable in NZ for the first 4 years which could come in handy for you.
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Old Aug 14th 2007, 2:56 pm
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Default Re: Leaving a rented property in the UK

Originally Posted by brandn
I am no expert but I have been looking at this as well.

You will need to fill in your p86 to let them know you are leaving. If you have money in a savings account in the UK you can fill in an R102 and give it to the bank and then you wont get taxed on savings.

As far as i can tell UK based investments paying dividends will be taxable in the UK as income as will your rent from property although if there is a mortgage on the property that is tax deductable, and you obviously get your tax allowance.

Any income earned abroad is not taxable in NZ for the first 4 years which could come in handy for you.
Thanks for that. I really just don't know where to start with this side of things so this is helpful information, thank you.
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Old Aug 14th 2007, 3:27 pm
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Default Re: Leaving a rented property in the UK

Originally Posted by miss_ck
Thanks for that. I really just don't know where to start with this side of things so this is helpful information, thank you.
pm'd you.
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