Taxation on Rent from a UK Property
Hi All
We rent out a flat here in the UK and will continue to do this whilst in NZ. I have read that we wont be subject to tax for 5 years but after this what happens? Obviously we are taxed at source in the UK ? will the NZ government stump us for tax on the earnings too? Or could we get round it by using that money to over pay the mortgage? Rather too serious a question for a Friday afternoon i know :blink: |
Re: Taxation on Rent from a UK Property
I'm pretty sure any tax you pay in the UK can be written off against you tax in NZ.
There is some form of reciprocal agreement between he UK and NZ on tax. Obviously you'll need to do a tax return for each country. |
Re: Taxation on Rent from a UK Property
check this out
http://www.ird.govt.nz/international...ing/payingtax/ also I think its 4 years not 5 :confused: |
Re: Taxation on Rent from a UK Property
Yes, it's 4 years. I've just reached it:ohmy:.
Not sure how you deal with rental income from overseas. You will eventually have to declare it on a tax return once your 4years is up. I'm not sure how it works up till then from the UK and NZ end. You'll have to do a tax return for the first year that you're in NZ if you want to claim any tax refund you're due. There seem to be plenty on here who still have houses in the UK so I'm sure someone else can give you more information:) |
Re: Taxation on Rent from a UK Property
Originally Posted by Persephone
(Post 10832517)
Yes, it's 4 years. I've just reached it:ohmy:.
Not sure how you deal with rental income from overseas. You will eventually have to declare it on a tax return once your 4years is up. I'm not sure how it works up till then from the UK and NZ end. You'll have to do a tax return for the first year that you're in NZ if you want to claim any tax refund you're due. There seem to be plenty on here who still have houses in the UK so I'm sure someone else can give you more information:) |
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