refinanced UK house - tax implications?
Nov 4th 2008, 12:29 pm
#1
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Thread Starter
Joined: May 2006
Location: Isle of Man to London to Boston
Posts: 26
refinanced UK house - tax implications?
Hi All,
We've remortgaged our UK house to take some of the equity out to put down as a deposit on a place here in the US..
does anyone know if we'll need to pay tax in the UK? or US? or both? as a result...
Thanks in advance..
Glenn
We've remortgaged our UK house to take some of the equity out to put down as a deposit on a place here in the US..
does anyone know if we'll need to pay tax in the UK? or US? or both? as a result...
Thanks in advance..
Glenn
Nov 4th 2008, 4:08 pm
#2
BE Forum Addict
Joined: Mar 2008
Location: Santa Cruz, CA
Posts: 4,913
Re: refinanced UK house - tax implications?
I can't see how there would be any tax consequences in either the US or the UK.
I mean, you haven't actually generated any income or capital gain - all you have done is to restructure a loan and borrow some money.
I mean, you haven't actually generated any income or capital gain - all you have done is to restructure a loan and borrow some money.
Nov 4th 2008, 4:57 pm
#3
Just Joined
Thread Starter
Joined: May 2006
Location: Isle of Man to London to Boston
Posts: 26
Re: refinanced UK house - tax implications?
just feels like there's always someone here (US) that pops out of the woodwork and claims i'll need to pay someone something for that..
