Foreigner buying property in London

[jby]

We are foreign residents planning on living in London for the next 10 years and are interested in buying a house. We sold our primary residence in the US (with no capital gain liability) and would like to bring a portion of the funds into the UK for a downpayment on a house in London. Are there UK tax consequences on the downpayment money brought in from the US?

[Taxbar]

You need expert advice as the money you bring in must be pure capital, otherwise it will be taxable as a remittance of foreign source income and gains.

You also need to consider the UK/US estate tax implications.

You might be better obtaining a UK or foreign mortgage.

Daniel M Feingold
Barrister-at-law (NP)
Strategic Tax Planning
International & UK Tax Consultants
E-mail: info@stratax.co.uk