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Originally Posted by DianeLouise
Hi Stumbled,
I am also a UK landlord, like yourself I had had my properties in excess of 10 years(no more taper relief), but do not consider it worth buying in UK now. I have a Euro Mortgage which is secured against UK property. I found the banks in Spain the most helpfull for this. The main reason I bought in Dubai was that it was tax free and therefore thought I did not need to worry about offsetting the interest paid. My financial adviser/accountant seems to think this is correct. Do you know different.
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Well, Diane being a British citizen has its advantages and one of them is you are not taxed on your world wide income like the Americans, French etc..I also agree that investments in property are no longer profitable in the UK.But, the thing that is keeping the market going is the shortage of living space and good tie in periods in mortgages for the majority.
Becoming ''tax free'' is ONLY possible if you are non resident(UK) and currently live in Dubai or anywhere else in the world(become subject to tax laws in that country). These are some of the major laws governing the rules on being non-resident or resident ,which ever way you look at it.
In any tax year in which he/she lives in the UK for more than 182 days or
If his visits to the UK exceed 91 days per tax year for 4 consecutive tax years in which case he is tax resident in the 5th year or alternatively from the commencement of the tax year in which he first stated his intention to make such visits to the UK
if he/she makes regular visits which are substantial, habitual and obligatory: Such visits may indicate residence provided they exclude an element of chance and occasion and provided they follow an almost mechanical regularity.
Dubai is tax free if you are living there,if you live in the uk then you surely need to declare your world wide income and it is subject to tax. I suggest you read the link i have posted at the bottom.
Buy-to-let landlords look out for tax man
ALL THE BEST.