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Taxation on Rent from a UK Property

Taxation on Rent from a UK Property

Old Aug 2nd 2013, 11:40 am
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Default 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
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Old Aug 2nd 2013, 12:42 pm
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Default 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.
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Old Aug 2nd 2013, 8:22 pm
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Default 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
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Old Aug 2nd 2013, 8:31 pm
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Default Re: Taxation on Rent from a UK Property

Yes, it's 4 years. I've just reached it.
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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Old Aug 3rd 2013, 10:37 am
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Default Re: Taxation on Rent from a UK Property

Originally Posted by Persephone View Post
Yes, it's 4 years. I've just reached it.
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
Yes all your info is correct, as far as I remember we paid tax in UK till our 4 tax free years were up here, then declared it here in NZ and paid it here instead of UK.
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